Bitcoin To Become More Attractive As Lightning Network Gains Interest Of Xapo’s CEO

It had been a while since it was claimed that Xapo was most likely going to partner with a cryptocurrency-blockchain firm. However, it was not confirmed which firm it was going to be.

The Xapo clients were eager to learn what the company had planned for their future experiences. The company has just announced that it has formed a partnership with Lightspark.

Lightspark for Lightning Network

According to the reports, the company was eager to provide fast transaction fee capabilities to its users. To achieve this, it wanted to adopt one of the fastest technologies from the blockchain industry.

From time to time, the chief executive officer of the company hinted that in his personal opinion, it was the Lightning Network the company should go for.

It seems that the company has listened to the CEO and they have tapped a deal with Lightspark. The partnership with the particular firm is the key to gaining access to the Lightning Network.

The firm will be integrating the Lightning Network into its system to offer fast transactions to the users. The firm is eager to cut the processing fees for the users as well and finds the Lightning Network to be the right solution.

Why the Lightning Network?

The Lightning Network originally acts as an upgrade to the Bitcoin blockchain. At the beginning of the crypto industry, not many people bought, exchanged, and traded Bitcoin or altcoins.

This is the reason why the real capacities of the networks were never tested. As the crypto adoption rose in late 2020, it was obvious that something had to be done to improve the performance and flow of the crypto-verse.

Bitcoin as well as all major cryptocurrencies faced major operational issues. These issues included transaction latency, high fees, and transaction failures.

All of these issues were due to the fact that the scalability of the blockchain networks was not high enough to deal with an enormous number of transactions.

Among all the cryptocurrencies, it was Bitcoin that was proving to be the most expensive even when transacting the asset.

Therefore, an upgrade was introduced for the asset that was Lightning Network. It addressed and resolved all the problems that the network was facing.

Ever since the launch, the Lightning Network has not faced any major or alarming issues. Therefore, many firms have adopted the particular network to offer high-speed and low-cost transaction utilities to their users.

Xapo Adopts Lightning Network

Things are going to get very interesting and exciting for the users now that Xapo has decided to integrate the Lightning Network into its protocol.

The firm has announced that they have already finalized everything for the implementation of the Lightning Network.

With the integration, the users will be able to make fast payments to the vendors who accept the Lightning Network. For now, the payment limit for the Lightning Network method has been set to $100.

Xapo has announced that it has more plans for users as well. It wants to offer them the utility of holding Bitcoin in their accounts and earning interest on them.

However, the users will need to apply for interest-bearing accounts before they can start benefiting from them.

This means that the utility of Bitcoin is going to rise and once again, more adoption of the asset will be witnessed. This would eventually increase the trading value of the asset and increase its worth among consumers and retailers.

Seamus Rocca’s Praises

The CEO of Xapo, who is among the Lightning Network proponents talked about the significance of the Lightning Network.

He stated that at the moment, many blockchain solutions are not up to the mark, are delayed, and implement high transaction fees.

On the other hand, the Lightning Network offers something completely opposite to that. Using the network, the users not only get to make instant transactions but also pay fewer fees.