Revolut is implementing Lightning Network support for users in the UK and EEA, making Bitcoin transactions faster, cheaper, and easier.
Revolut – a globally recognized fintech company – has officially launched Lightning Network support for users in the United Kingdom and several countries in the European Economic Area (EEA). This strategic move aims to address the two biggest issues of the traditional Bitcoin network: slow transaction confirmation times and high transaction fees.
Strategic partnership with Lightspark
By collaborating with Lightspark – the leading Lightning Network solution provider – Revolut enables users to carry out Bitcoin transactions significantly faster and more cost-effectively. The Lightning Network is a “layer 2” solution designed to address Bitcoin's scalability issues, allowing thousands of transactions per second at almost negligible costs.
Emil Urmanshin, General Director in charge of the crypto sector at Revolut, stated: “The company is committed to providing faster and more cost-effective payment solutions, and Lightspark's approach to handling global transactions aligns perfectly with that mission.”
David Marcus, Co-founder and CEO of Lightspark, emphasized the urgency of transitioning to new payment standards: “The financial system needs to be as fast and cost-effective as modern communication technologies.”
Integration of Universal Money Address technology
In addition to the Lightning Network, this collaboration also includes the integration of Universal Money Address (UMA) technology. This technology allows users to send and receive cryptocurrency through a single identifier formatted like an email address, instead of having to use long and complex character strings that are prone to confusion.
Simplifying transaction addresses is an important step to minimize the risk of errors during money transfers and to make the user experience more friendly, especially for newcomers to cryptocurrency.
This move by Revolut is part of the company's strategy to expand its crypto services. Previously, in August 2024, Revolut also joined the Ledger Live platform as a new provider, allowing users to conveniently and securely purchase cryptocurrency with fiat money while retaining full control of their assets.
