Revolut Deploys Lightning Network Support for Users in the UK and EEA, Enabling Faster, Cheaper, and Easier Bitcoin Transactions.
Revolut – a globally reputable financial technology company – has officially deployed 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
Through a partnership with Lightspark – a leading Lightning Network solution provider – Revolut allows users to perform Bitcoin transactions faster and significantly more cost-effectively. Lightning Network is a "Layer 2" solution designed to address Bitcoin's scalability issue, enabling thousands of transactions per second at nearly negligible costs.
Emil Urmanshin, Revolut's Chief Crypto Officer, stated: "The company is committed to providing faster and more cost-effective payment solutions, and Lightspark's approach to global transaction processing fully aligns with that mission."
David Marcus, Lightspark's Co-founder and CEO, emphasized the urgency of transitioning to new payment standards: "The financial system needs to be as fast and cost-efficient as modern communication technologies."
Integration of Universal Money Address Technology
Beyond Lightning Network, this partnership also includes the integration of Universal Money Address (UMA) technology. This technology allows users to send and receive cryptocurrencies through a unique identifier formatted like an email address, instead of using long and complex character strings that are prone to confusion.
Simplifying transaction addresses is an important step towards minimizing errors during money transfers and making the user experience more user-friendly, especially for those new to cryptocurrencies.
Revolut's move 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 safely purchase cryptocurrencies with fiat currency while maintaining full asset control.
