Revolut Set to Introduce Bitcoin Lightning Payments for European Users through Lightspark

Digital bank Revolut is collaborating with Lightspark to introduce bitcoin (BTC) transactions via the Lightning Network for clients in the United Kingdom and certain European Economic Area (EEA) nations.

This functionality is intended to lower transaction costs and accelerate payment processing times for cryptocurrency users, as noted by Lightspark in a recent update. The company did not provide a specific launch date for the feature in response to inquiries.

Lightspark, which is spearheaded by ex-PayPal executive David Marcus, offers foundational technology aimed at facilitating access to what it refers to as the “Money Grid,” a decentralized network designed for instantaneous global payments.

The Lightning Network operates as a layer-2 framework on the Bitcoin blockchain, enabling quick, low-cost transactions. By linking to this network through Lightspark, Revolut users can avoid the delays and excessive charges associated with the base blockchain, enhancing the speed and efficiency of BTC transfers.

“Partnering with Lightspark is a logical progression for us,” stated Emil Urmanshin, Revolut’s crypto general manager. “We constantly seek to enhance the speed and affordability of financial services, and their global transaction framework allows us to achieve these objectives.”

With this integration, Revolut joins a burgeoning group of fintech companies that are embracing rapid, cryptocurrency-focused payment systems. Bitcoin payment platform Strike reported processing $6 billion in transaction volume last year, according to a letter from CEO Jack Mallers shared recently.

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