Revolut teams up with Lightspark to incorporate Bitcoin Lightning payments.

UK fintech powerhouse Revolut has teamed up with Lightspark to introduce support for the Lightning Network in Bitcoin (BTC) payments for customers in the UK and certain countries within the European Economic Area, as announced on May 7.

This collaboration paves the way for quick and cost-effective Bitcoin transactions for Revolut customers, utilizing the robust infrastructure provided by Lightspark. It signifies a significant development for the neobank, which is broadening its cryptocurrency capabilities beyond mere trading and custody services.

Emil Urmanshin, the crypto general manager at Revolut, expressed enthusiasm about the partnership, highlighting that:

“Working with Lightspark represents a logical progression. We are continuously exploring avenues to deliver quicker and more economical financial options, and their method of facilitating global transactions allows us to achieve this objective.”

The Lightning Network functions as a layer-2 solution built atop Bitcoin’s core blockchain, enhancing transaction speed while minimizing network fees. By adopting this technology, Revolut aligns itself with a growing number of fintech firms leveraging decentralized payment systems for tangible applications.

Lightspark’s CEO and co-founder, David Marcus, commended Revolut for spearheading blockchain adoption in contemporary finance, emphasizing that Bitcoin and blockchain infrastructure will define the future of currency.

He noted:

“Traditional banks have long depended on slow and costly payment methods, akin to dial-up Internet in an era where 5G is the norm. In a landscape featuring a novel, open financial system that allows for instant and hassle-free transactions, it’s inspiring to see a global fintech like Revolut set the standard.”

Lightspark’s technology also presents Universal Money Address (UMA), a new payment format that resembles an email address. Wallets compatible with UMA enable users to send and receive funds using easily recognizable identifiers.

The launch of Lightning services at Revolut will start with customers from the UK and selected EEA regions, with plans for wider implementation as infrastructure and compliance requirements progress.

This initiative showcases the increasing traction of the Lightning Network, as major financial entities look for alternatives to the historically slow and costly payment mechanisms.

For Revolut, this represents yet another advancement in establishing itself as a cryptocurrency-focused platform that provides quicker, more affordable, and adaptable financial transactions.