- Revolut users in the UK and Europe can now send Bitcoin faster using the Lightning Network.
- The new feature helps lower Bitcoin transaction costs and reduces blockchain delays.
- Users must verify their identity and hold Bitcoin in their Revolut account to access the service.
Revolut has launched Bitcoin Lightning Network payments for its users in the UK and selected European markets. The integration allows for faster, cheaper Bitcoin transactions than the conventional block-chain processes.
Faster Transactions with Lightning Network
The new feature enables Revolut users to send Bitcoin near-instantly. This is facilitated by the Lightning Network, which is a second-layer protocol built on top of Bitcoin. This method decreases congestion and processing times for transactions since it manages small transactions off the main-blockchain.
The company partnered with Lightspark to power the service. Lightspark is a company specializing in the construction of infrastructure on the Lightning Network. It is chaired by former PayPal executive David Marcus. The integration is designed to improve both transaction speed and cost-efficiency.
Service Limited to Verified Users
Revolut requires users to verify their identity before accessing the Lightning Network feature. Customers also need to hold Bitcoin within their Revolut account to use the service. The company has not yet announced a fixed launch date but stated that app updates are in progress.
This launch is only available in the United Kingdom and in some countries in the European Economic Area so far. The company has not provided specific names for all eligible countries.
Part of a Larger Crypto Strategy
The move is part of Revolut’s broader expansion into crypto services. It follows the launch of its standalone crypto trading platform, Revolut X. The platform supports over 400 cryptocurrency pairs and more than 200 tokens. Revolut X targets users in the European market.
This move indicates Revolut’s move from traditional banking to the digital asset world. The company is seeking to widen its product range to keep up with the increasing demand of fast and low crypto services.
Industry Adoption of Lightning Network Grows
The use of the Lightning Network continues to grow among fintech companies. Competitors such as Coinbase and Strike have already adopted it. The Lightning Network allows firms to lower transaction costs and improve user experience.
Revolut’s decision also aligns with its financial performance. The company saw a 149% rise in pre-tax profits in 2024. Its crypto business contributed to this growth. Revolut has also hinted at the development of a stablecoin, although it will not be available in the U.S. due to regulatory concerns.
Revolut’s partnership with Lightspark signals another shift toward digital-first finance. The company aims to modernize payments while staying compliant with financial standards.
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