Big adoption: 111M people get access to Bitcoin lightning network thanks to new partnership

  • Bitcoin lightning network adoption stretches into the Philippines after a new partnership.
  • SendGlobally fixes Pouch’s user experience issues through the partnership.

A Southeast Asian based lightening service firm known as pouch, has finalized its partnership with CoinCorner. The partnership remains a major step in increasing lightning network usage, as CoinCorner will now let its users in the United Kingdom and Europe use its Send Globally feature.

The feature will give access to the aforementioned customers, to make funds transfers to the Philippines in Asia.

Send Globally helps users convert their fiat currencies (USD or GBP) into Bitcoin. The converted fiat is then sent through the lightning network to another partner situated in the receivers location.

The recipient will then convert the received Bitcoins to their own country’s currency. The receiver also has the option to receive the funds in their mobile money account or traditional bank account.

Send Globally is extremely useful for both parties, especially if tax payments could spring up. The progress allows for both sender and receiver to avoid any underlying Bitcoin tax payment. Fiat volatility or custody implications can also be avoided using Send Globally.

The partnership is well positioned to spur growth in the remittance market

Speaking on the importance of the partnership was Ethan Rose, the CEO of Pouch. Rose describes the relevance of the new alignment with Coincorner as a necessity for the simplification of their product usage. Emphasizing on the challenges that they faced in terms of user experience, the CEO said the following :

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“The Lightning Network is the most efficient way to send money across borders, but until now the user experience has been too complex for the average user. We’re so pleased to announce the partnership between Pouch & CoinCorner, because it allows us to drastically simplify a remitter’s user experience while still taking full advantage of the utility of Lightning.”

On the other hand, the CEO of Coincorner Danny Scott,expressed excitement regarding the partnership. Scott is very positive thay yje partnership will showcase the significance of the Bitcoin and Bitcoin lightning network in the remittance market, as it services millions of users on both platforms.

He can be quoted saying:

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“We’re excited to announce our latest partnership with Pouch and expand our Send Globally service to the Philippines. Every year, more than $2,412,600,000 (£2 billion) is remitted from the U.K. and Europe to the Philippines, so this is another great opportunity to demonstrate the power of Bitcoin, with instant and low cost transactions via the Lightning Network.”

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Abigal .V. is a cryptocurrency writer with over 4-years of writing experience. She focuses on news writing and is skilled in sourcing hot topics. She’s a fan of cryptocurrencies and NFTs.

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