ICYMI: The ongoing crypto winter is not stopping the industry from pushing for global adoption and accessibility. A new partnership between CoinCorner and Bitnob_official allows users across continents to perform cross-border transactions.
Fund transfer between Europe and Africa typically requires a third-party facilitator like Western Union, which relies on centralized entities. These transactions often require multiple parties' approval, increasing processing times and fees. The World Bankthat remittances to Sub-Saharan Africa were over $40 billion yearly as of 2020, with Nigeria receiving almost half of the sum.
Now, users can transfer funds via the Bitcoin Lightning Network from the United Kingdom and Europe to select African countries. The application, Send Globally, allows British pounds or euros to be converted to Nigeria nairas, Kenyan shillings and Ghanaian cedis. The Lightning Network first converts funds to Bitcoin , then to the local currency of the receiving country, and deposits the funds straight into the receiver's bank account or mobile money wallet.
Sending remittances to Africa, especially from the U.K. and Europe, is known for its high cost. Source: IFADto highlight the utility of BTC. “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.”
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