Xapo Bank is the first fully licensed bank in the world to integrate Lightning Network.
BANGKOK, THAILAND – Media OutReach – 9 March 2023 – Xapo Bank, a leading Bitcoin custodian and licensed private bank, has partnered with Lightspark and integrated with the Lightning Network to enable lightning-fast Bitcoin payments for its customers. Xapo Bank members can now instantly pay for small purchases of up to $100 USD at any vendor which accepts Lightning payments without suffering high transaction fees and long blockchain confirmation waiting times.
Xapo is the first fully licensed private bank to offer total real-time transactability in USD, alongside investments in USDC and Bitcoin, through a single, secure, simple and user-centric account and app. The bank and its members are strictly protected by UK and EU standard laws in the trusted UK jurisdiction of Gibraltar, under the authority of the Gibraltar Financial Services Commission.
Led by the leading minds in traditional banking, fintech and future-forward crypto adoption, Xapo is a best in class banking platform from end to end. Xapo’s advisory panel includes former Citibank CEO and chairman John Reed and former US Secretary of Treasury Larry Summers (and included the late Visa founder Dee Hocks until his passing last year), and its C-Suite is comprised of global leaders in fintech and banking from companies such as PayPal, Libra, Standard Chartered, Credit Suisse and more. CEO Seamus Rocca was previously Group Head of Liquidity and Funding Risk at Standard Chartered Bank in London, and founder Wences Casares is a world renowned serial entrepreneur and Bitcoin pioneer who previously served on the board of PayPal.
Xapo’s distributed workforce across 42 countries brings unrivalled diversity of problem-solving talent to the world of private and decentralised banking. A tech company first and foremost, 65% of the bank’s staff are world class engineers who are developing its innovative technology platform.
The world’s first fully licensed crypto-native bank, Xapo was conceptualised and funded in Silicon Valley and uses best in class technology to safeguard its members’ and its own reserves. It holds one of the world’s largest distributed reserves of Bitcoin.
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About Lightspark
Lightspark is building infrastructure for the Lightning Network. Lightspark is in a closed beta, but services and tools will be available soon.
About Lightning Network
The Lightning Network is a decentralised network on the Bitcoin blockchain that enables instant, low-cost payments across a network of participants. The Lightning protocol makes use of the security and liquidity of the Bitcoin network to create a secure network of participants who are able to transact bitcoin at high volume and high speed with low cost and instant settlement.