{"id":308144,"date":"2024-05-23T18:56:17","date_gmt":"2024-05-23T13:26:17","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=308144"},"modified":"2024-05-23T18:56:17","modified_gmt":"2024-05-23T13:26:17","slug":"xapo-launches-lightning-network-deposits-amid-growing-adoption-in-key-latin-markets-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/xapo-launches-lightning-network-deposits-amid-growing-adoption-in-key-latin-markets-crypto-news\/","title":{"rendered":"Xapo Launches Lightning Network Deposits Amid Growing Adoption In Key Latin Markets &#8211; Crypto News"},"content":{"rendered":"<p>Argentina and Brazil accounted for 43% of Lightning Network payments executed via Xapo\u00a0in March.<\/p>\n<div>\n<p>Xapo Bank, the pioneering digital asset custodian and\u00a0bank, is the first fully licensed bank to\u00a0support Bitcoin deposits via Lightning Network.<\/p>\n<p>Announced on May 23, the move allows\u00a0Xapo\u2019s\u00a0global custodians to deposit BTC using Lightning Network, the payments-focussed Bitcoin Layer 2, via Lightspark, a firm providing Lightning Network-based payments infrastructure. Xapo does not charge fees for users depositing via Lightning Network.<\/p>\n<p>\u201cWe believe in the Lightning\u00a0Network\u2019s\u00a0future as the primary avenue for Bitcoin transactions, especially for daily, small-scale exchanges,\u201d\u00a0said Seamus Rocca, CEO of Xapo Bank.<\/p>\n<p>\u201cToday&#8217;s\u00a0Bitcoin users seek not only to store their wealth but also to integrate Bitcoin into their daily transactions seamlessly,\u201d\u00a0said David Marcus, CEO and Co-Founder of Lightspark.<\/p>\n<p>Coinbase, the largest U.S. centralized exchange, similarly tapped\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/thedefiant.io\/news\/cefi\/coinbase-rolls-out-bitcoin-s-lightning-network\">LightSpark<\/a>\u00a0to launch support for Lightning Network payments three weeks ago.<\/p>\n<p>The move follows Xapo introducing support for Lightning Network payments last year.<\/p>\n<p>Adoption of the service recently spiked, with the number of Lightning Network payments executed via Xapo increased by 44% from February through March 2024, with Argentinian and Brazilian users accounting for 29% and 14% of transactions, respectively.<\/p>\n<p>Xapo noted that the countries have historically experienced high inflation, bolstering the value proposition of Bitcoin for local users.<\/p>\n<p>According to Look Into Bitcoin,\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.lookintobitcoin.com\/charts\/lightning-network-capacity\/\">4,868.2 BTC<\/a>\u00a0worth nearly $337.7 million is currently locked on the Lightning Network.<\/p>\n<p>Xapo was among the first firms to provide Bitcoin services to the Latin American market.\u00a0The company\u00a0was founded\u00a0by Wences Caseras, an entrepreneur who launched\u00a0the\u00a0first internet service provider\u00a0in Argentina\u00a0in 1994.<\/p>\n<p>Caseras became interested in Bitcoin after his family\u00a0was severely impacted\u00a0by rampant inflation and stringent capital controls in Argentina. After investing in BTC, Caseras built a\u00a0\u201cvault\u201d\u00a0to store his Bitcoin, which became the foundation for Xapo.<\/p>\n<p>Caseras\u00a0went on to\u00a0found the Lemon Bitcoin wallet in\u00a02012,\u00a0and Xapo in the following year.\u00a0Xapo\u2019s\u00a0institutional custody business\u00a0was acquired\u00a0by Coinbase in 2019. Xapo Bank became a fully licensed digital bank under the Gibraltar Financial Services Commission in 2021.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Argentina and Brazil accounted for 43% of Lightning Network payments executed via Xapo\u00a0in March. Xapo Bank, the pioneering digital asset custodian and\u00a0bank, is the first fully licensed bank to\u00a0support Bitcoin deposits via Lightning Network. Announced on May 23, the move allows\u00a0Xapo\u2019s\u00a0global custodians to deposit BTC using Lightning Network, the payments-focussed Bitcoin Layer 2, via Lightspark, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":308146,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-308144","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/308144","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=308144"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/308144\/revisions"}],"predecessor-version":[{"id":308147,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/308144\/revisions\/308147"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/308146"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=308144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=308144"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=308144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}