On March 29th, Zebpay, the original cryptocurrency exchange and wallet in India, announced that Lightning Network Payments was enabled for all its users. It is worth mentioning that Zebpay also claimed that it would pay the relevant transaction fees for users.
Lightning network is unstoppable
Although the lightning network is still very experimental, its growth is fast and its integration with mainstream services continues.
It is reported that Zebpay, based in Malta, was once India's largest cryptocurrency exchange, and its announcement today also marks the beginning of the prelude to the exchange's support for the lightning network.
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According to Zebpay's official explanation, its global users can use Bitcoin wallet balances for lightning network transactions via web, iOS and Android apps. Zebpay specifically emphasizes that:
“Users can buy anything by identifying the store, copying or scanning the invoice of the product or service, and the payment can be completed in a matter of milliseconds.”
The transaction fee is extremely low and Zebpay intends to pay the user a fee.
We know that the cost of a lightning network transaction is much lower than the cost of standard bitcoin payments. However, according to Zebpay's statement, users do not even have to pay for these fractional fees, which mentions:
"Zebpay will bear the transaction costs of all Lightning Network transactions completed from the wallet."
Of course, this is not without limitations. According to the rules, users can make up to 10 free transactions per day, ranging from 1 to 0.001 BTC (about 4 US dollars). Although this seems to be a negligible amount, the Lightning Network is still in beta, and developers are not recommending users to make larger payments. Current applications, to a large extent, also apply to micro-transactions within this limit.
Once closed due to the Indian central bank ban
In fact, the Zebpay exchange suffered a lot of setbacks. It was born in 2014. It was an app product at the beginning of its establishment, and then quickly grew into India's largest bitcoin wallet and exchange.
However, after the Indian Central Bank (RBI) issued a cryptocurrency ban, the exchange was forced to stop service in September 2018 due to the inability to access banking services.
Since then, Zebpay has traveled to the crypto-money-friendly Malta and has established a branch in Singapore.
Is the exchange supporting the lightning network the general trend?
In fact, Zebpay is not the first exchange to announce the payment of the lightning network. As early as this year, BTCBIT, a cryptocurrency exchange in Poland, has begun to support lightning network payments.
In addition, the leading cryptocurrency exchange is OK, its founder Xu Mingxing also publicly praised the lightning network technology, which seems to imply that the exchange will also support lightning network payments.
Do you think the exchange will support the lightning network will be the general trend? Welcome to express your opinion.