Bitcoin First: Crypto Exchange Launches BTC Lightning Network Payments
Malta-based Zebpay is the first cryptocurrency exchange to launch Bitcoin Lightning Network integration. Customers will now be able to use Bitcoin balances on their Zebpay wallet to make instant payments for in-store transactions.
The move is designed to allow Bitcoin enthusiasts to spend their crypto like regular cash.
Zebpay customers with smartphones can launch the exchange’s new web, iOS and Android app to make up to 10 transactions a day with amounts as low as 1 Satoshi. Crypto enthusiasts can pay for products and services anywhere around the world where Lightning is supported by copying or scanning the invoice to finalize the payment.
The maximum permitted transaction value is 0.001 BTC. Zebpay says its new wallet service bears the transaction cost for all Lightning transactions.
Launched in 2014 in India, Zebpay became the country’s top cryptocurrency exchange before being forced to shut down in September of 2018 following a comprehensive crypto ban by the Reserve Bank of India.
Daily trading volume at the exchange took a precipitous fall last July when Zebpay first paused Indian rupee deposits and withdrawals, plunging from $5 million in early July to about $200,000 by September of 2018. Six months later, Zebpay’s trading volume is still flat, according to data compiled by CoinMarketCap, as the exchange seeks to rebuild its user base.