Experience faster payments at Xapo Banks with Lightning Network
After integrating the lightning network, Xapo Banks will allow you to experience faster payments. The members can make instant payments, at any shop accepting lightning payments, of up to $100.
Xapo banks have recently merged the Lightning network into their systems to provide better bitcoin services. Xapo Bank is basically an international private Bank in Gibraltar licensed by Gibraltar Financial Services Commission. The company allows its members to have both USD and BTC accounts in one place by operating both simultaneously.
They declared their merging with the Lightspark platform of the lightning Network on 2 March. This partnership allowed the bank to implement lightning on its platform.
This collaboration brings several benefits to the table for Xapo Banks. I will give you access to faster and cheaper transactions which will ultimately reduce your waiting time and a transaction fee on Bitcoin. Although initially you won’t be able to make bigger transactions. However, the members will still be able to make quick payments of up to $100 through their accounts.
The bank updated the new integration on Xapo Bank apps quite recently on 27 Feb.
Bitcoin transactions can take a lot of time only for confirmation. Even Seamus Rocca, the CEO of Xapo Baank said the same. He also added that during the high-usage time, the confirmation can even take up to an hour.
Even recently the Bitcoin average confirmation time has peaked amid massive activity on the network. As per data from YCharts. on February 19, BTC confirmation time reached almost 600 minutes. Due to these reasons, people don’t prefer to make smaller transactions with Bitcoin.
However, the recent integration of the lightning network with Xapo banks will make transactions of up to $100 dollars be it any shop, much faster. Because the payment will be processed in Bitcoin without converting to US dollars.
Rocco further added that at times like such where there is hyperinflation, political havoc, and economic fluidity, Bitcoin payments hold a stronger ground.
According to Xapo Banks at their peak, the company manages more than 800,000 BTC ( $18.7 Billion) for family offices, funds, and high-net-worth individuals. this amount is more than 4% of the total BTC in circulation.