The current crypto winter seems to remain unsuccessful in pulling the industry back from making efforts for worldwide accessibility and adoption. For this purpose, Bitnob and CoinCorner are teaming up with each other. With this partnership, consumers throughout the world will be able to execute transfers across borders taking into account several fiat currencies.
Bitnob and CoinCorner Join Hands for Bitcoin Lightning Network’s Use for Fiat Transfers between Africa and EU
Specifically, for the funds’ transactions between Africa and Europe, there is a requirement for Western Union or other third-party facilitators which depend on centralized platforms. The respective transfers repeatedly have to cope with the processing time taken by multiple parties in advance of making an approval. They are also considered special for their huge cuts.
As estimated by the World Bank, as of 2020, the Sub-Saharan Africa-related remittances witnessed an upsurge of up to $40 billion annually while almost fifty percent of the cumulative amount was received by Nigeria alone. At present, the clients are permitted to transact their funds from Europe and UK with the use of the Bitcoin Lightning Network to search in countries within the African continent.
The application entitled Send Globally enables the transaction of Euros (EUR) or British pounds (GBP) to the currencies being utilized in Nigeria (NGN), Ghana (GHS), and Kenya (KES). The Bitcoin Lightning Network has the potential to automatically convert funds into Bitcoin. After that, it rapidly converts the respective funds into the targeted local currency as well as deposits them directly into some mobile account or a bank account belonging to the receiver.
CoinCorner’s chief executive officer, Danny Scott, stated that the huge opportunity is given by the remittance market and indicates the diverse utility of Bitcoin. As per the CEO, the primary asset’s borderless nature has always placed it as a beneficial instrument for transacting funds across the globe.
Nonetheless, he added, a lot of assistance would be provided with the Lightning Network as it would become convenient for the consumers to send Bitcoin rapidly in a very cost-effective manner. In the previous year, Statista issued data in which Nigeria was categorized among the top ten nations in terms of remittance payments.
Africa Becomes a Center for Growth in the World of Crypto
Apart from that, the World Bank brought to the front that a 14.1% proportion of worldwide remittances was credited to Sub-Saharan Africa. Nevertheless, approximately 80% of the countries in Africa limit the organizations having the capability to provide native banks the services related to remittance. This exclusivity develops hindrances for needy people in accessing finance.
Crypto assets have attracted a lot of attention across the countries in the African region. As a result, the respective area has been frequently discussed in the crypto world. Additionally, the entire zone is witnessing cases of practical use, giving rise to emerging economies. Especially in North Africa, the crypto market is making great progress.
Chainalysis issued a report in which it disclosed that the Middle East and North Africa (MENA) zone is the most rapidly advancing area throughout the globe. In September this year, the authorities in Nigeria contacted conferences with Binance crypto exchanges to likely establish an exceptional financial area that would support blockchain and crypto-related businesses operating within the area. Chainalysis also highlighted Ghana’s emergence in the crypto world.