By creating a network of bidirectional payment channels, the Lightning Network enables faster, cheaper, and more private transactions.
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The open Lightning Network will allow users to easily and instantly transfer their bitcoin across jurisdictions, marking a major step towards the widespread adoption of bitcoin as a global money.
Calypso Pay charges 1% for Lightning transactions, which is the same fee as for all other services. Transfers via Bitcoin Lightning Network are available to all users without any limitations.
“Against a backdrop of hyperinflation, economic uncertainty and political turmoil, we are entering a world where digital money is ubiquitous, and we need integrations like this that open up access to Bitcoin payments,” states Xapo Bank CEO, Seamus Rocca.
The Lightning Network is a second layer added to Bitcoin’s blockchain that allows off-chain transactions.
The integration will allow VASPs to compliantly allow Bitcoin transactions through a Lightning node.
Participants in the seed funding round included British fund manager Alan Howard, present and former Goldman Sachs partners, FinTech Collective and Nydig.