The ongoing crypto winter is not stopping the industry from pushing for global adoption and accessibility. A new partnership between CoinCorner and Bitnob allows users across continents to perform cross-border transactions involving multiple fiat currencies.
Fund transfers between Europe and Africa typically require a third-party facilitator like Western Union, which depends on centralized entities. These transactions often require multiple parties’ approval, increasing processing times and fees. The World Bank estimates that 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 Nigerian nairas, Kenyan shillings and Ghanaian cedis.
The Lightning Network first converts funds to Bitcoin (BTC), then to the local currency of the receiving country, and deposits the funds straight into the receiver’s bank account or mobile money wallet.
Danny Scott, the CEO of CoinCorner, said the remittance market is a big opportunity to highlight the utility of