EU and Africa Will Now Use Bitcoin Lightning Network for Cross-border Payments

EU and Africa Will Now Use Bitcoin Lightning Network for Cross-border Payments

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Neither the prolonged crypto winter nor the crypto firms’ insolvency could stop the use of crypto as payments globally, a newly unveiled partnership will see the EU and Africa using Bitcoin as means of payment for cross-border dealings.

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CoinCorner Partners With Bitnob to Facilitate Cross border Payments Between EU and Africa

CoinCorner has Partnered with Bitnob to Facilitate Cross border Payments between the EU and Africa via the Bitcoin lightning network.

Usually, when funds are required to be transferred between the EU and Africa, payment facilitators like the Western Union which rely on centralized entities are used. Transactions like this are always time-consuming due to processing times from multiple parties involved in the process, and of course, the cost of the transaction is relatively high.

According to the World Bank, the remittances to Africa, specifically sub-Saharan Africa soars by $40 million yearly in 2020. With the recent partnership, parties involved in the cross-border payments between Africa and Europe can now send funds through the Bitcoin lightning network from the UK and EU to select African countries. The application, Send Globally, allows British pounds (GBP) or Euros (EUR) to be transferred to the local currencies of Nigeria (NGN), Kenya (KES) and Ghana (GHS).

Via the Bitcoin lightning network, funds can be converted into Bitcoin and finally converted to the local currencies of the countries involved.

“The borderless nature of Bitcoin has always made it a great tool for sending money around the world, but now with the Lightning Network, sending Bitcoin is instant and very low cost,” Danny Scott the CEO of CoinCorner said in a statement.

Crypto adoption in Africa especially in North African countries and Nigeria is on the rise.

The Nigerian government for instance earlier this year had a meeting with Binance, the world’s largest crypto exchange to discuss a special economic zone that is aimed at supporting crypto as well as blockchain-related business in the country.

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Angela James
Angela James
9 months ago

However the situation may be,Recovering lost crypto in any form isn’t impossible as people speak anymore. Although in the case of a forgotten password and email it’s gonna be a little slow but certainly you’ll be able to recover.Recoveries for cross-chain deposits and unsupported tokens are highly risky and time-consuming, and not all deposits can be successfully recovered. The type of token mistakenly sent and the type of receiving address can influence the difficulty, time and security risk involved. The time taken for recovery will be at our full discretion and any transfer fees would be charged to the recovered value.
Because of the high risk involved in recovery operations, coinwalletsec101 engineers will only attempt to recover unsupported token deposits that exceed a minimum value of equivalent to PHP 5000 at the time of deposit and will charge a recovery fee based on prevailing gas prices (to cover blockchain fees).
reach out to chs expert and recovery team webghost33 on IG

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