Revolut and Lightspark Team to Speed Bitcoin Transactions in Europe

British neobank Revolut and cryptocurrency infrastructure firm Lightspark have teamed up to speed up bitcoin (BTC) transactions in Europe and the U.K., according to a Wednesday (May 7) blog post by Lightspark.

The integration will enable Revolut to leverage Lightspark’s Lightning Network-based payment protocol for facilitating rapid and efficient bitcoin transfers.

Moreover, the London-based bank will gain access to Lightspark’s MoneyGrid payment routing system, which is designed to simplify cross-border transactions for consumers and businesses.

“The future of money is real-time, low-cost, and borderless—exactly what Lightspark solves for,” said Lightspark Co-founder and CEO David Marcus in the post.

For too long, traditional banks have relied on outdated, slow, and expensive payment systems — akin to dial-up when the rest of the world uses 5G. In a world with a new, open Money Grid that enables instant, seamless transactions, we’re excited to see a global fintech such as Revolut lead the way.”

Earlier this year, reports surfaced that Lightspark was in talks with several European banks to integrate its technology.

In May 2022, Revolut launched its crypto services in the U.K., later expanding to 30 European Economic Area countries in November.

These efforts are happening as crypto is becoming increasingly mainstream, as PYMNTS wrote recently. For example, Strategy (formerly MicroStrategy) is doubling down on its own corporate bitcoin stockpile by raising $84 billion to purchase more of the digital token.

“With over 70 public companies worldwide now adopting a Bitcoin treasury standard, we are proud to be at the forefront in pioneering this space,” Strategy President and Chief Executive Officer Phong Le said in an earnings press release last week.

Even Ivy League institution Brown University has recently revealed it had made a $4.9 million investment into BlackRock’s bitcoin ETF, indicating a wider acceptance of cryptocurrencies in diversified portfolios.

“Against this backdrop, observers believe it is becoming increasingly held, across Wall Street and beyond, that digital assets may no longer be confined to speculative circles,” PYMNTS wrote. “As bitcoin ETFs become a growing component of diversified portfolios and regulatory frameworks begin to crystallize, the decentralization dream that once defined crypto appears to be giving way to a new era of structured integration.”

In other digital asset news, PYMNTS wrote Thursday about the potentially long road facing the GENIUS Act, the U.S.’s first major stablecoin bill, as it heads to the Senate amid increasing partisan friction.

“Other major economies around the world are years ahead in putting clear rules in place for stablecoins and centralized intermediaries,” Kraken Global Head of Policy and Government Relations Jonathan Jachym said in a statement. “After many years of legislative progress, it is critical that U.S. lawmakers come together in the coming months to finalize stablecoin and market structure bills by August.”