Digital payments processor Zebedee announced an upgrade to its platform that leverages Bitcoin’s Lightning Network to enable fast, secure and low-cost cross-border payments between the U.S., UK, EU, Brazil and the Philippines.
The Zebedee app, which lets users play games, browse the web and listen to podcasts to earn and transfer bitcoin, now connects directly to partners worldwide — including Pouch.ph and Bipa — to facilitate multi-currency payments.
“In order for bitcoin to take its place as the native money of the internet, which really means the main form of money for the modern age, we have to make it so intuitive and simple to use for the average person that it ceases to be about bitcoin, it’s just global money,” said Andre Neves, CTO and co-founder of Zebedee, in a statement, adding: “Our new feature provides a major step in that direction, as it gives our users the ability to select high-quality global providers with the push of a button and start sending instant transactions across the world in seconds.”
How it works
The integration operates similarly to open-banking standards, where users connect their bank accounts once and then seamlessly move money between accounts. With the new global payment functionality, users can instantly convert bitcoin earnings to their local currency or send fiat money to friends or family in other countries.
For example, a user in Brazil can earn bitcoin by playing a game like Solitaire and instantly transfer that money via Bipa in exchange for Brazilian reais. Similarly, a user in the U.S. can transfer funds to friends and family in the Philippines, who can then immediately receive them in Philippine pesos via Pouch.ph.
“We are thrilled to be a launch partner of Zebedee for this new feature for borderless transactions, as it aligns perfectly with our vision for the financial inclusion of the Philippines. Together with Zebedee, we can continue pushing this technology forward to let our customers move funds between their bank accounts and any Lightning wallet in the world more seamlessly than ever,” said Ethan Rose, CEO of Pouch.ph.
Improving accessibility
Using the Bitcoin Lightning Network for global fiat transactions can be challenging for non-technical users, creating a barrier to entry. Zebedee’s upgrade aims to remove this obstacle, making the Lightning Network more easily accessible and providing a faster and cheaper way to send money worldwide.
“In over a year since we’ve been working with Zebedee, we have learned the vital importance of giving users who want to use their digital assets in the real world an easy, intuitive and quick way to move and exchange bitcoin. The remarkably simple new user experience created by Zebedee is a powerful move towards broadening our reach to more users in Brazil,” said Luiz Parreira, CEO and co-founder of Bipa.
Zebedee’s solution is designed to be currency-agnostic, focusing on strategic partnerships in key markets worldwide. Backed by global VCs and gaming studios, including Initial Capital, Lakestar, Kingsway Capital, The Raine Group and Square Enix, the company aims to expand its partner network to cover more countries and currencies over time.
Zebedee is not the only company leveraging the Lightning Network to facilitate global money transfers, with platforms like Strike and CoinCorner offering similar services.
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Source: https://www.theblock.co/post/223256/zebedee-bitcoin-lightning?utm_source=rss&utm_medium=rss