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bitcoin
Bitcoin (BITCOIN)
$99,763 2.90%
ethereum
Ethereum (ETHEREUM)
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binancecoin
BNB (BINANCECOIN)
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solana
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ripple
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pepe
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bonk
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Revolut Partners with Lightspark to Enable Instant Bitcoin Payments in Europe

Highlights:

  • Revolut has integrated the Bitcoin Lightning Network for faster, cheaper crypto payments in Europe.
  • Lightspark’s technology enables Revolut users to make Bitcoin transfers near-instantly.
  • Revolut is expanding beyond crypto trading, embracing active Bitcoin payment processing for its customers.

Leading fintech company Revolut has announced its collaboration with Lightspark to enable Bitcoin (BTC) payments with the Lightning Network. The new service will be available to UK users and some European Economic Area (EEA) countries. The blog post stated that the new integration is meant to speed up Bitcoin transactions and lower associated fees. This problem has plagued Bitcoin’s primary blockchain over time.

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Lightning Network is a second-layer solution on top of Bitcoin, enabling fast and cheap transactions. The move marks Revolut’s continuing commitment to improve its crypto offerings. This also follows the overall trend of fintechs adopting new technologies to deliver more improved payment systems and better user experiences.

Lightspark’s Role in Bitcoin Payments

The firm behind this new infrastructure is Lightspark, a company of David Marcus, the former PayPal executive. The company focuses on building technology on top of the Lightning Network to make Bitcoin usable for everyday transactions. Revolut users are now able to send Bitcoin instantly and at a fraction of the cost of traditional transactions through Lightspark’s “Money Grid.”

The partnership brings a major change in how digital payments are processed. Bitcoin Lightning Network eliminates delays and much higher fees usually involved in Bitcoin’s primary blockchain. The progress of the Lightning Network follows the trend of fintech companies adopting this payment infrastructure. Coinbase and Strike, for instance, embrace its capabilities.

According to Revolut’s General Manager of Crypto, Emil Urmanshin, this feature would improve the speed and affordability of financial services. In order to access this feature, users will need to complete identity verification (KYC) and hold Bitcoin in their Revolut accounts. Revolut has said it will update its app soon, although it has yet to confirm the exact launch date.

Expanding Revolut’s Crypto Offerings

The partnership also highlights a broader strategy for Revolut to move out of traditional banking services and into the crypto space. Besides enabling Bitcoin payments, Revolut recently launched mobile crypto exchange app Revolut X with over 400 crypto pairs and 220 tokens. With its sights set on European markets, the mobile rollout aims to attract more customers and expand a crypto customer base.

The integration of Lightning Network is just one of the ways in which Revolut uses its cutting-edge technology to offer better financial solutions. Through the use of this cutting edge infrastructure, Revolut aims to become a leader in modern finance by giving users quicker and better means of transacting.

Revolut’s move follows strong financial performance with a pre-tax profit surge of 149% for 2024. Part of this surge in profitability has to do with the company’s increasing crypto business. Additionally, Revolut has hinted that it has plans for a stablecoin. However, it is not expected to be offered in the United States due to regulatory issues.

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