Cointelegraph said that money is instantly converted into BTC via the Lightning Network.
Users from various continents now have a way to conduct cross-border transactions involving multiple fiat currencies thanks to a new partnership between CoinCorner and Bitnob, as reported by Cointelegraph.
Usually, in order to transfer money between Europe and Africa, a third-party facilitator is required, such as Western Union, which relies on centralized companies. These deals are notorious for their steep discounts, and typically numerous parties must approve them before processing can start. As of 2020, Sub-Saharan Africa receives upwards of $40 billion in remittances yearly, with Nigeria alone receiving about half of that sum, according to World Bank projections.
The money is instantly translated from BTC to local currency using the Lightning Network, according to Cointelegraph, and then it is promptly put into the recipient’s bank account or mobile wallet.
According to Cointelegraph, the Nigerian government met with Binance in September to examine the potential for establishing a special economic zone intended to help local blockchain and cryptocurrency enterprises.
Chainalysis’ later analysis emphasised Ghana’s rise to prominence in the bitcoin sector. The country may surpass Kenya and Nigeria in terms of cryptocurrency use, the survey claims.
