AlphaPoint has extended its technical capacity with full Lightning integration for Bitcoin wallet transactions, which is implemented for broad use in El Salvador’s first national crypto wallet, Chivo. The Lightning Network is a decentralized Layer 2 network built with Bitcoin smart contracts to enable cheap and instant payments while retaining Bitcoin’s peer to peer nature.
With the deployment of AlphaPoint’s full Lightning integration and its unique functionalities, over 4 million of El Salvador’s Chivo users are able to transact with maximum efficiency. Lightning transactions can be as small as 1 satoshi (currently a fraction of a penny) for micropayments, with no protocol-enforced upper limit to the user’s spend amount. Lightning payments can be completed in a matter of seconds instead of regular BTC wait time of ~10 minutes or more, furthering Bitcoin’s practicality as currency with retail merchants. By using real Bitcoin transactions that rely on native smart-contract scripting language, Lightning network enabled Bitcoin wallets are now a proven means for creating a secure network of participants at a country-wide level which are able to transact at high volume and high speed.
Traditional banking is changing for the better, and many consumers are embracing the digital transformation. According to a recent survey, 71% of Americans are now banking online, whether via desktop or through a mobile app. In addition, the rise of Web3 ecosystems, cryptocurrencies, and NFTs demands the financial technology to support them. As such, it’s […]
AlphaPoint is now a member of the FinTech Association of Hong Kong (FTAHK), an NPO that focuses on policy and advocacy work benefiting Hong Kong's FinTech ecosystem in the city and internationally.
Blockchain technology has become increasingly popular with the advent of cryptocurrencies after the Great Recession of 2008. This technology is the backbone of cryptocurrencies, allowing them to function over a peer-to-peer, decentralized network. But the industry is constantly making advancements, and beyond crypto, innovators have found new uses for blockchain technology. Banks, financial institutions, and […]
Traditional banking has undoubtedly changed for the better with the rise of cryptocurrencies, digital assets, and blockchain technology. All of these innovations have come a long way in increasing transparency and security in the fintech industry. As a result, more banks and financial institutions are relying on blockchain technology to cut down on operation expenses […]
