Zebpay, the App-enabled crypto exchange and wallet provider, has launched Lightning Network payments for all its Bitcoin users. Customers around the world can now send lightning-enabled payments to external wallets. Zebpay users can make up to 10 transactions a day, within certain limits which will be revised as they move ahead.
The Lightning Network is dependent upon the underlying technology of the blockchain. It is a second layer technology for Bitcoin that uses micropayment channels to scale its blockchain’s capability to conduct transactions.
“Making Bitcoin technology widely accessible is a key component of our roadmap,” said Ajeet Khurana, Zebpay CEO. “With the integration of the Lightning Network, we have taken yet another step in this direction”.
In a tweet, the Singapore-based exchange addressed their 34 000 followers: “Zebpay customers in 131 countries can now use their BTC balances to make payments in a flash on the Lightning Network”.
We Want To Take Bitcoin Usability To The World
Zebpay are the first major exchange to embrace payments through the Lightning Network. As an added bonus, they will pay all fees for Lightning Transactions made through its wallet.
The exchange states that they are all about setting cryptos free. “So while we’ve gone ahead and liberated cryptos from the shackles of trading fees, we’re pretty certain there’s a lot more that needs to be done to achieve our crypto end-goal, taking Bitcoin usability to the world”.
“We are still in the early stages, of [lightning] implementation,” said Khurana, “but as far as capabilities are concerned, that question of whether bitcoin can actually support the volume of transactions that would emerge from a global monetary system, that [question] has now effectively been put away.”
After launching in 2014, Zebpay was once the biggest cryptocurrency exchanges in India. However, after the Reserve Bank of India banned crypto trading last year, the exchange moved to Malta and established their head office in Singapore. But according to the news outlet, Mumbai Mirror, on March 29, the Supreme Court will hear the next round of arguments in a case relating to the ban and could lift the embargo that stops banks from recognizing and facilitating crypto transactions. But it is likely the status quo will remain until a special report on the advantages and disadvantages of crypto is tabled by the finance ministry.