Revolut Adds Lightning Network to Speed Bitcoin Payments

British neobank Revolut has integrated Lightning Network to speed up and reduce the cost of Bitcoin transactions for its users in the UK and select European Economic Area countries.

The integration, which comes via a new deal with Bitcoin infrastructure firm Lightspark, will also give Revolut access to Lightspark’s full payment stack, including its MoneyGrid system.

MoneyGrid, Lightspark’s proprietary routing layer, is designed to optimize cross-border payments and interbank transactions. The system connects over 300 million users in 140+ countries, providing a seamless and scalable solution for global BTC transfers.

With this integration, Revolut will be able to process Bitcoin transactions in a matter of seconds and offer near-instant settlements, putting it far ahead of most traditional banks in terms of transaction speed and efficiency.

“The current payment landscape is sluggish, expensive, and leaves a lot to be desired. It’s like trying to use dial-up in a 5G world,” said David Marcus, CEO of Lightspark.

“We’re thrilled to partner with Revolut, a firm that is known for its boldness and forward-thinking vision to bring the best financial products and services to its customers. This isn’t just about faster crypto payments. It’s about building a modern, open financial grid that will benefit everyone.”

The integration with the Lightning Network is the latest in a series of moves by Revolut to expand its crypto offering and strengthen its position in the global fintech market.

Earlier this year, the firm launched a new generation of payment tools that blur the line between digital assets and traditional finance, aiming to provide seamless and efficient payment solutions for the modern consumer.

The bank's crypto offering already includes the ability to buy, sell, and hold Bitcoin and other cryptocurrencies, as well as a crypto-to-crypto exchange and DeFi products.

The partnership with Lightspark will further expand Revolut's crypto capabilities and help it to achieve its goal of becoming the leading financial services company in the world.

"We are always looking for ways to improve the financial products and services that we offer our customers," said a spokesperson for Revolut.

"This partnership with Lightspark will enable us to offer even faster and more efficient Bitcoin transactions, putting us ahead of the competition and providing our customers with the seamless and immediate payment experiences they expect from Revolut."

The integration is set to roll out in stages over the coming months. It will apply to users in the UK and select EEA countries.

This partnership marks a significant step in advancing crypto payments and integrating blockchain technology into the mainstream financial system. It underscores the increasing demand for efficient, scalable, and global payment solutions in today's interconnected world. As such, the partnership between Lightspark and Revolut holds vast potential for innovation and disruption in the financial industry.

As the partnership progresses, it will be interesting to observe the impact on transaction volumes and user adoption of Bitcoin within the Revolut ecosystem. Moreover, the integration of MoneyGrid’s vast network of 300+ million users and 140+ countries could pave the way for an optimized cross-border payment experience, catering to an incredibly diverse user base.

This collaboration is a testament to the synergy between institutions and technologies in shaping the future of finance. It could be the beginning of a broader integration of cryptocurrencies and blockchain into the mainstream, ultimately leading to a more open, efficient, and accessible financial system for all.

The post (Urgent) Revolut Adds Lightning Network to Speed Bitcoin Payments appeared first on Chain Link.

Chain Link Read More