Digital bank Revolut is to introduce Bitcoin (BTC) payments via the Lightning Network for users in the UK and selected countries in the European Economic Area (EEA).
As per the blog post, the new feature is being launched in partnership with Lightspark, a fintech company that provides Lightning Network infrastructure. This move is aimed at making Bitcoin transactions faster and cheaper by avoiding the slow speeds and high fees often seen on the main Bitcoin blockchain.
Lightspark, a company led by former PayPal executive David Marcus, is powering the backend for this service. According to Marcus, Revolut is embracing the future of finance through fast, cheap, and borderless payments. He pointed out that the “Money Grid” allows instant payments, as opposed to legacy banking systems, and commended Revolut for leading the charge.
According to Revolut’s crypto general manager, Emil Urmanshin, the integration with Lightspark supports their goal of making financial services quicker and more affordable. To use the Lightning payment feature, Revolut users will need to complete identity verification (KYC) and hold Bitcoin in their accounts.
Although Revolut has not yet confirmed a specific date for the feature’s launch, the company says the app will be updated soon to support it. At the same time, the UK government has announced that it will not pursue the creation of a national crypto reserve, a concept that the U.S. is currently exploring.
Speaking at the Financial Times Digital Asset Summit, UK Treasury Minister Emma Reynolds said such a move is not suitable for the UK market. However, she emphasized ongoing collaboration with the U.S. on digital asset regulation.
The UK chooses a more flexible, results-driven approach, while the EU has chosen a strict regulatory framework known as MiCA. In keeping with its continued passion for innovation, the UK is also investigating blockchain technology for issuing sovereign debt without entirely imitating the US or EU models.
Also Read: UK introduced Draft Laws to Govern Crypto Exchanges
