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The Lightning Network continues to receive growing support from the largest payment processors in the world. This week Visa announced that it will extend its assistance to blockchain startup Lastbit through its Fintech Fast Track program. The news is a major boost for both Lastbit and the entire Lightning network. It demonstrates a maturation of technology and greater recognition from current market leaders.
The extension means that Lastbit continues to enjoy access to Visa’s experts, technology and resources. These tools will help the innovative company achieve its goal of integrating a Bitcoin Lightning Network payment solution into the Visa network. The new system will take full advantage of the reach, capabilities and security offered by Visa’s global payments network. Additionally, it will enjoy a warm welcome from Visa’s wide range of banking partners and core members.
Lastbit positioned for success
Lastbit intends to use Visa’s technology to set up and build a minimally viable product and launch strategy. To date, not many exact details are public. The platform will reportedly be able to integrate its Lightning Network-based payment systems, as well as allow its financial partners to issue Visa credentials to end consumers.
Lastbit – Homepage
Discussing the integration, Crypto’s Visa chief Cuy Sheffield spoke about the excitement surrounding the project. He reiterated Visa’s commitment to strengthen efforts to “Innovative FinTech“Companies like Lastbit. Finally, it touched on the capabilities acquired by joining the vast Visa network
build a payment platform (and a proof of concept mobile application on iOS / Android) that will allow anyone, anywhere to get paid or pay in Bitcoin or with consumers’ Visa credentials converted to fiat, quickly and securely.
Open to the world
In a recent interview, Prashanth Balasubramanian, founder and CEO of Lastbit also took a moment to praise the collaboration. He talked about the openness and the opportunities that the new platform creates in the market. He explained that the system “allows users to pay anyone, anywhere in the world, regardless of the currency used. “
Lastbit
Lastbit began its journey with the strong support of some of the most respected names in the market. The platform has received support from numerous cryptocurrency stars including Charlie Lee, UC Berkeley’s SkyDeck, Fulgur Ventures, and others. Lastbit’s main goal is to promote further use of the Lightning Network. Supporters of the program seek to provide the public with a truly instant global payment system.
Visa Fast Track
The Visa Fast Track program is an incubator designed to help drive innovation in the FinTech industry. Companies that receive an invitation to the group reap great benefits. Specifically, they gain access to Visa’s growing partner network and experts who can provide guidance to help them get up and running as efficiently as possible.
Lastbit – Shine Bright
Lastbit is another example of the drive and commitment the Lightning Network developers have shown to date. In recent years, this project has gone from idea to BETA testing (it’s still ongoing), to a huge community of developers, Dapps, exchanges, games and users. Most importantly, this trend is set to continue as companies like Lastbit pave the way for new integrations.
