, Instant Fiat Transfers Between Europe and Africa are now possible thanks to Bitcoin's Lightning Network -

Instant Fiat Transfers Between Europe and Africa are now possible thanks to Bitcoin’s Lightning Network

With the help of Bitcoin’s Lightning, people in Nigeria, Kenya, and Ghana may now instantly receive inexpensive local currency remittances from the EU and the UK.

In a statement released on Monday, bitcoin app CoinCorner announced that it had made Send Globally available to its EU and U.K. users. This feature enables foreign users to send money to Africa quickly and affordably.

The achievement is made possible via a collaboration with the African Bitcoin app Bitnob, which follows a similar collaboration with the Lightning payments software Strike.

Last Monday, Strike introduced Send Globally for its American users, enabling them to send money rapidly and cheaply to bank accounts in Kenya, Ghana, and Nigeria.

Bitnob serves as a link between locals and residents of the U.S., EU, and UK. with the peer-to-peer currency’s overlay system for quick and inexpensive payments, Bitcoin’s Lightning Network.

According to Bernard Parah, CEO of Bitnob, “this is another step toward the economic emancipation of Africans.” According to the World Bank, transferring $200 to Sub-Saharan Africa costs an average of 8.2 percent in the fourth quarter of 2020, making it the region with the highest transaction costs. The future of money is being powered by Bitcoin, and this collaboration shows a compelling use case for that future.

Send Globally functions by using the local Bitcoin apps as the on- and off-ramps for currency. Strike or CoinCorner first converts U.S. dollars, euros, or British pounds into bitcoin. The BTC is subsequently delivered to Bitnob via Lightning. The receiving user then receives the corresponding amount in local currency from the African app. Despite all of these stages, the procedure is inexpensive and almost immediate because of Lightning’s quickness and effectiveness.

According to Danny Scott, CEO of CoinCorner, “Bitcoin’s borderless nature has always made it a terrific tool for transporting money around the world, but now with the Lightning Network, transmitting Bitcoin is instant and very cheap.” “By collaborating with Bitnob to offer a We intend to reduce some of the hassle and expense that clients have when using conventional FX and money remittance providers by providing a seamless cross-border experience utilizing Bitcoin and the Lightning Network.

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