Xapo Bank established a partnership with Bitcoin lightning network support service provider Lightspark.
Xapo is a private bank, which is headquartered in Gibraltar and licensed by the Gibraltar Financial Services Commission. Xapo originally provides a digital BTC wallet combined with a cold storage vault and a bitcoin-based debit card. In 2021, this company exited the United States market.
On 2 March 2023, Xapo Bank announced that the company planned to bring Bitcoin lightning network support to its platform for customers with the help of Lightspark.
Here Lightspark, the startup spearheaded by former Facebook crypto lead David Marcus, will help the Bank at a technical level to integrate the Lightning network. Completion of the whole engineering work will allow the Xapo Bank customers to send up to $100 worth of Bitcoin at a very low cost & zero confirmation time.
To ensure very less transaction fees, Xapo Bank set 15 Satoshi per transaction fee. This means, all the Xapo Bank customers will be able to pay BTC at any store, where Bitcoin is accepted on the lightning network, at only 15 Satoshi fees.
Seamus Rocca, CEO of Xapo Bank, said that the latest partnership with Lightspark & decision to bring lightning network support on the platform made them the world’s first bank to provide the purchase of services/goods via small amounts of Bitcoin payment.
To this date, Xapo Bank offers 4.1% interest on USD holdings and in the near future Bank will offer 1% interest on Bitcoin holdings & also distribution of interest-earning will be on a daily basis.
David Marcus, co-founder and CEO of Lightspark, also shared his happiness about this partnership & confirmed that it will help the Bank customers to transfer Bitcoin at a very low cost & near-instant.