Bitcoin’s Lightning Network allows instant fiat transfers between Europe and Africa

People in Nigeria, Kenya and Ghana can now receive instant, low-cost remittances in local currency from the EU and the UK through Bitcoin’s Lightning.Author:NamciosPublish date:Dec 12, 2022People in Nigeria, Kenya and Ghana can now receive instant, low-cost remittances in local currency from the EU and the UK through Bitcoin’s Lightning.Bitcoin app CoinCorner said in a statement Monday that it had enabled Send Globally, a feature that lets foreign users instantly and cheaply send remittances to Africa, for its EU and U.K. customers.The feat is made possible through a partnership with Africa-based Bitcoin app Bitnob, and comes on the heels of a similar team-up with Lightning payments app Strike.Strike last week enabled Send Globally for its U.S. users, letting them instantly transfer money to bank accounts in Nigeria, Ghana and Kenya with minimal fees.Bitnob bridges the gap between local citizens and people in the U.S., EU and U.K. with Bitcoin’s Lightning Network, the peer-to-peer currency’s overlay protocol for cheap and fast payments. “This is another step forward in economic empowerment of Africans,” Bernard Parah, CEO at Bitnob said in a statement. According to the World Bank, Sub-Saharan Africa is still the most expensive region to send money. Sending $200 to this region costs an average 8.2 percent in quarter four 2020. This partnership shows how Bitcoin is changing the face of money. Send Globally works in a way that each local Bitcoin app is the fiat on/off-ramps. First, U.S. Dollars, Euros, or British Pounds are converted to bitcoin via CoinCorner or Strike. The BTC is then sent via Lightning to Bitnob. Finally, the African app deposits the amount in local currency to its recipient user. The process is quick and almost instantaneous thanks to Lightning’s speed and efficiency. “The global nature of Bitcoin has made it an excellent tool for sending money, but with the Lightning Network, Bitcoin can be sent instantly and at a very low cost,” stated Danny Scott, CoinCorner CEO. We are partnering with Bitnob in order to offer seamless cross-border experiences using Bitcoin and the Lightning Network. This will help to reduce friction and costs that customers experience when using traditional FX or money remittances companies. “Tagsterms:CoinCornerLightningBitnobRemittancesEuropeAfrica

 

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