Canada-based Neutronpay has launched its Lightning-powered app in Canada and partnered Ditobanx for cross-border remittances.
In a bid to bring their Bitcoin and Lightning technologies to new markets, Neutronpay has launched its official mobile app in Canada. At the time of writing, the app is also available in Vietnam, and Neutronpay plans to introduce it to other countries in the future. The app has no complicated fee structure or hidden fees, as the company charges a simple 1% spread.
The app also allows users to pay in their local currency while in another country, which means they no longer have to visit currency exchanges or pay FX fees on their credit cards.
When it comes to its partnership with El Salvador-based Ditobanx, Neutronpay revealed that it holds a special significance because Canada hosts the second-largest El Salvadorian community outside of the country. By collaborating with Ditobanx, Neutronpay aims to help El Salvadorians in Canada to seamlessly send and receive money over the Lightning Network to Ditobanx.
Neutronpay also partnered with Pouch.ph to offer low-cost money transfers from Canada and Vietnam to the Philippines. According to mb.com.ph, the partnership will allow Filipino workers living in Canada or Vietnam to send money directly to a Philippine bank or eWallet instantly and with better exchange rates than was previously possible.
The system leverages the capabilities of the Bitcoin Lightning Network to convert Canadian dollars or Vietnamese dong into Bitcoin. Pouch.ph then converts the Bitcoin into Philippine pesos and transfers them directly to the recipient’s bank or mobile money account.
According to investopedia.com, the Lightning Network is a second layer for Bitcoin that uses micropayment channels to scale the blockchain’s capability and handle transactions more efficiently and at a lower cost. This technological solution was designed to tackle issues associated with Bitcoin by introducing off-chain transactions. Its channel is a transaction mechanism between two parties, in which each can make or receive payments from the other.
By leveraging the capabilities of the Lightning Network for cross-border remittances, Neutronpay and Ditobanx provide users with a more efficient and cost-effective method for transferring money. This solution makes sure that transactions occur instantly and transparently, allowing users to retain more of their money. The approach reduces costs for individuals and communities while improving the efficiency of the remittance process.
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