Bitcoin Lightning Payments for Europe Users Now Available Through Revolut and Lightspark Collaboration
A groundbreaking partnership between UK fintech bank Revolut and U.S. startup Lightspark is set to revolutionise Bitcoin payments, bridging the gap between traditional finance and blockchain-based digital assets.
Revolut, known for its innovative financial services, has connected to Lightspark's payment infrastructure, enabling Bitcoin transactions over the Lightning Network for customers in the UK and select European Economic Area countries. This integration allows users to send and receive Bitcoin lightning payments efficiently, bypassing the slower and more expensive traditional layers of transactions.
Lightspark, a specialist in scalable payment infrastructure built on the Bitcoin Lightning Network, enables instant, low-cost Bitcoin transactions off-chain, addressing Bitcoin’s base-layer scalability issues. By joining the "open Money Grid," Revolut aligns with other fintechs and wallets that provide innovative payment solutions such as Lightning transactions and Universal Money Address (UMA), facilitating seamless crypto payment interoperability.
Emil Urmanshin, GM Crypto at Revolut, stated that integrating with Lightspark is a step forward towards offering faster and more affordable financial solutions. David Marcus, CEO & Co-founder of Lightspark, expressed his excitement about powering the integration with Revolut, highlighting Revolut's leading position in modern finance.
David Marcus compared the current state of traditional banking payment systems to dial-up internet, while Lightspark's technology is equivalent to 5G. The new service will lower network fees compared to traditional methods, offering a faster, cheaper, and borderless payment experience that leverages blockchain’s decentralization and security while being accessible through a familiar fintech interface.
The partnership between Revolut and Lightspark is designed to bridge traditional finance and blockchain-based digital assets, enhancing the user experience by offering swift cross-border payments with lower fees compared to conventional banking methods. This partnership symbolises a significant move toward integrating blockchain payments within traditional fintech ecosystems, achieving enhanced efficiency and user convenience.
Both Revolut and Lightspark believe the partnership is a game changer for crypto and payments. According to David Marcus, the future of money is real-time, low-cost, and borderless, which is exactly what Lightspark aims to achieve. This partnership is a practical step toward mainstream adoption of blockchain technology in everyday finance.
[1] Lightspark Blog Post (Wednesday) [2] Revolut Press Release [3] Lightspark Whitepaper
- The partnership between Revolut and Lightspark, leveraging technology from both finance and blockchain sectors, aims to offer faster, cheaper, and borderless payment experiences, bridge the gap between traditional finance and blockchain-based digital assets, and contribute to the mainstream adoption of blockchain technology in everyday finance.
- Revolut, in their mission to offer faster and more affordable financial solutions, has integrated with Lightspark, a specialist in scalable payment infrastructure built on the Bitcoin Lightning Network, to enable Bitcoin transactions over the Lightning Network and provides users with an opportunity to send and receive Bitcoin lightning payments efficiently, bypassing slower and more expensive traditional layers of transactions, while the partnership supports seamless crypto payment interoperability with other fintechs and wallets.
