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Xapo Bank Launches Bitcoin Deposits via Lightning Network

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Xapo Financial institution, based mostly in Gibraltar, has introduced the introduction of bitcoin deposits by way of the Lightning Community, turning into the primary totally licensed financial institution to take action.

This new function permits for immediate and low-cost international Bitcoin transactions.

CEO Seamus Rocca highlighted the long run potential of the Lightning Community for on a regular basis transactions, enabling customers to spend BTC as simply as conventional currencies whereas incomes aggressive rates of interest with out having to stake or lock up their property.

The Lightning Community enhances Bitcoin transactions by offering a second-layer answer for quick and cheap funds. Xapo beforehand rolled out Lightning-powered small funds as much as $100 in March 2023 with Lightspark’s assist.

Lightspark CEO David Marcus famous that integrating Bitcoin into every day transactions is a rising development, and Xapo’s new function represents a major step in broader Bitcoin adoption.


READ MORE: Trump Marketing campaign Formally Begins Accepting Cryptocurrency Donations


Xapo’s shift to retail prospects adopted the sale of its institutional custody enterprise to Coinbase in 2019. The financial institution reported a 44% enhance in Lightning Community fee utilization from February to March 2024, with excessive adoption charges in Argentina and Brazil on account of inflation challenges.

Information exhibits that Lightning Community capability rose by over 60%, from $217 million in February to $349.4 million by Might, reflecting Bitcoin’s value enhance. Xapo Financial institution additionally ensures its members’ USD deposits are protected as much as €100,000, with the brand new Lightning deposit function now out there to all customers.

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