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The Bitcoin Lightning Network will be used for fiat transfers between the EU and Africa

Blockchain companies CoinCorner and Bitnob have launched a joint service – money transfers in fiat currencies abroad. For this, the Bitcoin Lightning Network protocol is used.

Usually, to send money from Europe to Africa, you need intermediary providers, such as Western Union. Such companies operate through centralized structures, such as banks. Plus, intermediaries take a considerable commission, and the transfer itself takes some time.

The result of work to minimize costs and optimize time costs was the Send Globally application from Bitnob.

The app already allows you to send pounds sterling (GBP) or euros (EUR) to Nigeria, Kenya and Ghana directly to your bank account.

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CoinCorner client funds are converted to bitcoin when using Send Globally and sent via the Lightning Network to Bitnob. The latter immediately converts them into the appropriate local currency: naira (NGN), shillings (KES) or cedi (GHS).

CoinCorner noted that in the direction of these three countries from the UK alone, the annual volume of transfers is about 12 billion GBP.

The Bitcoin Lightning Network will be used for fiat transfers between the EU and Africa

The head of Bitnob, Bernard Parah, recalled that sub-Saharan Africa remains one of the most expensive regions for money transfers. According to the World Bank at the end of 2020, sending $200 there cost an average of 8.2% of the amount.

“Bitcoin powers the future of money, and our partnership provides a compelling example of what it will look like,” added the head of Bitnob.

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