Crypto Exchange Zebpay Integrates Lightning Network Wallet Service
Cryptocurrency exchange Zebpay has introduced Lightning Network-based Bitcoin payments to its users worldwide. What could the new development translate to for Zebpay’s large Indian user base?
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Empowering With Lightning Network
Malta-based Zebpay announced yesterday a few days ago that it had integrated the layer-two scaling solution for Bitcoin, enabling its user to send as little as one satoshi over the Lightning Network.
Unlike other crypto enterprises that are still experimenting with the still-in-development protocol, Zebpay’s Lightning Network is now live to make payments.
With the new Lightning wallet option, users can make ten transactions per day. However, the crypto exchange is starting small by setting a maximum limit of 0.001 BTC (approximately $4) per transaction.
Even so, the achievement is yet another stepping stone towards a greater goal, which is increasing cryptocurrency adoption. Zebpay CEO Ajeet Khurana said:
“Making Bitcoin technology widely accessible is a key component of our roadmap. Today, with the integration of the Lightning Network, we have taken yet another step in this direction.”
For Zebpay, integrating Lightning Network was part of its long-term commitment to empower people through decentralization and make crypto “free”. As such, it will foot the transaction fees for all payments made over Lightning Network via Zebpay.
Just weeks back, the company also initiated a zero-fee policy on its exchange.
At that time, Zebpay said, “The ethos of the crypto space is all about empowering individuals through decentralization. In this scenario, we strongly felt that it wasn’t fair to tax the actions of these empowered individuals. That’s why we got rid of the trading fee entirely. No maker-fees. No taker-fees.”
Lightning Network to Increase Crypto Adoption
Zebpay, once an Indian crypto exchange powerhouse, had to shutter its operations in that country due to regulatory chaos surrounding the cryptocurrency. As such, the company wound up operations in India and moved to more crypto-friendly Malta.
Last year, India’s central bank, the Reserve Bank of India (RBI), released a dictate that barred all banks under its umbrella from facilitating crypto businesses. The move briefly choked the crypto market and exchanges such as Zebpay from doing business. The central bank’s strict action permanently pushed crypto trade to underground peer-to-peer markets.
As the Indian crypto market is still young and developing, crypto adoption among individuals and business is low. To boot, the government’s “crypto foe” attitude is pushing away many from embracing the future of money.
However, if companies like Zebpay continue to embrace new technologies and developments that make transactions easier, India could see an increase in cryptocurrency adoption. Notably, the adoption rate could multiply among small businesses, as users can easily and instantaneously transfer or make payments at no cost with Zebpay’s Lightning Network service.
The positive news could double down if India’s highest judiciary forum, the Supreme Court of India, strikes down RBI’s crypto banking ban in the upcoming hearing on March 29th.
Zebpay’s integration of Lightning Network is yet another endorsement for Bitcoin’s in-development scaling protocol. The news comes at a time when the community-driven initiative, called the Lightning Torch, is getting significant traction on Twitter.
Could Lightning Network attract more users towards crypto? Share your views in the comments section.
Images via Pixabay