Digital Bank Revolut is working with Lightspark to deploy Bitcoin (BTC) transactions on the Lightning Network to selected countries in the UK and the European Economic Area (EEA).
The feature is intended to reduce transaction fees and payment processing times for crypto users, Lightspark said in a blog post. When asked via email, the company did not specify a timeline for when the feature would be published.
Leading by former PayPal executive David Marcus, Lightspark provides a back-end infrastructure to connect to what is called “Money Grid,” a distributed network for real-time global payments.
The Lightning Network is a Layer-2 system built on top of the Bitcoin blockchain, allowing for low-cost transactions for myopia. By connecting to the network via LightSpark, Revolut users can avoid the busyness and high fees of the base blockchain, sending BTC faster and more efficiently.
“Integrating with Lightspark is a natural step,” said Emil Urmanshin, general manager of Crypto at Revolut in a post. “We’re always looking to make financial services faster and more affordable, and our approach to global transactions allows us to do just that.”
With this integration, the London-based inversion will accompany an increase in fintech companies that are leaning towards faster, faster native payment systems. Bitcoin-centric payments company Strike processed a $6 billion amount last year, CEO Jack Mullers said in an investor letter shared last month on X-Post.
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