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Lastbit Launches Two Lightning Payment Apps To Boost Adoption In Europe

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Today, bitcoin payments company Lastbit announced the launch of two payment apps designed to spread use of the Lightning Network among Europeans. 

One of the apps, Lastbit Lite, is a mobile payment app that integrates a Lightning Network wallet with a euro-denominated, International Bank Account Number- (IBAN) designated bank account. And the other, Lastbit Cards, is a mobile app that lets users fund their Lastbit debit cards via the Lightning Network using Lite or any Lightning Network wallet.

“With these applications, users can send euros over Lightning instantly and even buy bitcoin or pay Lightning invoices instantly, directly from their Lastbit Card interface,” according to a release shared by Lastbit. “Lastbit built these products to demonstrate that Bitcoin and the Lightning Network can in fact be integrated into traditional financial rails.”

With Lite, users can make bitcoin transactions on-chain or over Lightning and can transfer euros as BTC back and forth via the Lightning Network. With Cards, they can pay Lightning invoices and access a physical Mastercard-branded debit card that can be used at merchants in person.

The release claimed that these are the first apps available in Europe that make it possible for users to move instantly between bitcoin and euros using the Lightning Network through IBAN accounts or Mastercard debit cards.

“The Lightning Network is a financial settlement technology that can seriously disrupt how payments are processed globally,” said Bernardo Magnani, cofounder of Lastbit, per the release. “This is barely the tip of the iceberg.”

The post Lastbit Launches Two Lightning Payment Apps To Boost Adoption In Europe appeared first on Bitcoin Magazine.

Source: Bitcoin magazine

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Crypto News Updates

OKCoin To Integrate Lightning Network

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Cryptocurrency exchange OKCoin has announced that it will be integrating Bitcoin’s Lightning Network to enable faster and cheaper transfers for users by running a Lightning node that can route transactions to other nodes in the network. It expects the integration to be complete in three to four weeks.

In a release shared with Bitcoin Magazine, OKCoin said that this would reduce bitcoin transaction fees from about $10 to about 1 cent and reduce deposit and withdrawal times from 10 to 60 minutes to a matter of seconds.

Provided by OKCoin

“The Lightning Network, like Bitcoin, requires a network of nodes and adoption of the technology to perform to the best of its capabilities,” Hong Fang, OKCoin’s CEO, said in the release. “As part of our analysis of the technology, we assessed the strength and quality of the nodes and now feel the network is strong enough to participate as an exchange with a high volume of withdrawals and deposits a day.”

In addition to the efficiency benefits to be realized by users, OKCoin indicated that the decision was motivated by its desire to foster Bitcoin development. 

“We have been a bitcoin exchange since 2013 and while we are excited about DeFi and other assets, we know bitcoin is the foundation of the entire industry,” the release stated. “Bitcoin’s network is often congested and has high transaction fees, particularly during bull markets. This eliminates that issue and opens up the possibility of micropayments for Bitcoin commerce.”

OKCoin also noted the privacy-preserving benefits that off-chain Lightning payments can bring for its users and highlighted the smaller, sat-denominated transactions that the Lightning Network enables.

“We hope other blockchain companies follow suit and lift the whole industry up by speeding up bitcoin payments,” Fang said.

The post OKCoin To Integrate Lightning Network appeared first on Bitcoin Magazine.

Source: Bitcoin magazine