Tuesday, June 18, 2024
Editor's PickLighting and Rain creating a storm with new collaboration

Lighting and Rain creating a storm with new collaboration

Shariah compliant crypto assets platform Rain has partnered with Lightspark to integrate and offer the bitcoin Lightning Network, allowing users to execute real-time transactions at reduced fees.

“Rain is enabling Lightning Network sends, to alleviate one of the largest pain-points felt by our users – increasing blockchain network fees. It is crucial for the larger ecosystem to adopt these scaling technologies sooner than later,” according to the digital assets platform.

Basically, the integration of Lightning Network allows faster and cheaper remittances that can be executed in a matter of seconds. The integration also allows Rain users to connect with any financial app supporting the Lightning Network. For example, a Rain user would be able to send bitcoin instantaneously to a CashApp user in the US.

Los Angeles-based Lightspark has created a non-custodial managed Lightning Service Provider solution. The Lightning Network is a payment protocol that operates on a decentralized layer above the bitcoin network, enabling users to execute transactions among participating nodes instantaneously without relying on blockchain confirmations.  

“The integration process involves establishing a network of payment channels that enable users to transact with each other off-chain, rather than on the blockchain. These channels can be opened and closed as required, allowing for significant flexibility and scalability,” Rain explained.

This partnership follows another with Dubai-based open banking platform Tarabut Gateway earlier in March to enable cost-effective fiat-to-crypto transactions to Bahrain end-users and enable funding payments directly from user bank accounts without leaving the Rain ecosystem.

Rain is a category 3 crypto assets service provider licensed by the Central Bank of Bahrain.

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