Bitcoin Lightning Network for use in fiat transfers between the EU and Africa

The ongoing crypto iciness isn't preventing the enterprise from pushing for worldwide adoption and accessibility. A new partnership among CoinCorner and Bitnob opens a manner for customers throughout continents to carry out cross-border transactions regarding more than one fiat currencies.

Typically switch of finances among Europe and Africa calls for a third-celebration facilitator like Western Union, which depend upon centralized entities. These transactions frequently have processing instances of more than one events previous to approval and are recognized for his or her luxurious cuts. World Bank estimates that remittances to Sub-Saharan Africa went upwards of $forty billion every year as of 2020 —with Nigeria receiving nearly 1/2 of of the sum alone.

Now, customers can switch finances thru the Bitcoin (BTC) Lightning Network from the UK and Europe to choose international locations in Africa. The application, Send Globally, lets in British pounds (GBP) or Euros (EUR) to be transferred to the neighborhood currencies of Nigeria (NGN), Kenya (KES) and Ghana (GHS).

Through the Lightning Network, the finances are routinely transformed into BTC, then right away transformed to the neighborhood forex and deposited directly into the financial institution account or cell cash pockets of the receiver.

Danny Scott,  CEO of CoinCorner, said that the remittance market is a great opportunity to highlight the utility of BTC. 

 "The unlimited nature of Bitcoin has always made it a great way to send money around the world, but now with the Lightning Network, sending Bitcoin is fast and extremely affordable." 

 In 2021, Statista data ranked Nigeria among the top 10 countries for remittances. In addition, the World Bank reports that sub-Saharan Africa accounted for 14.1% of global remittances last year. 

 However, almost 80% of African countries limit the types of institutions that can provide remittances to  local banks. Such exclusivity creates barriers to market access and thus access to financing for those who need it most. 

 The spread of cryptocurrencies in Africa has been a hot topic in the space, as the continent is full of emerging economies and practical use cases. 

 In North Africa in particular, the growth of the crypto industry continues to grow. A report by Chainalysis has revealed that the Middle East and North Africa (MENA) region is the fastest growing region in the world. 

 In September, the Nigerian government held meetings with Binance to discuss a possible special economic zone aimed at supporting crypto and blockchain-related businesses in the region. 

A subsequent report by Chainalysis also highlighted Ghana's rise  in the crypto space. He said the country could  catch up with Nigeria and Kenya in  crypto adoption.

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