• CoinCorner and Pouch have partnered to enable CoinCorner’s Send Globally feature to transfer funds to the Philippines via the Lightning Network.
• The Send Globally feature enables users from Europe, the U.S. and the U.K. to send money quickly and at low cost to the Philippines.
• This partnership will allow users to take advantage of the Lightning Network’s utility with a simplified user experience.
CoinCorner, a U.K. based cryptocurrency exchange, has partnered with Pouch, a Lightning service provider based in the Philippines, to enable their Send Globally feature to transfer funds to the country. This partnership will allow users to take advantage of the Lightning Network’s utility with a simplified user experience.
Send Globally is a feature that utilizes the Lightning Network to convert one fiat currency into bitcoin, which is then sent over the Lightning Network to a receiving entity which converts the bitcoin into another fiat currency. This enables users from Europe, the U.S. and the U.K. to send money quickly and at low cost to different countries, such as Ghana, Kenya and Nigeria.
CoinCorner CEO, Danny Scott, expressed his excitement about the new partnership, saying, “We’re excited to announce our latest partnership with Pouch and expand our Send Globally service to the Philippines. Every year, more than $2,412,600,000 (£2 billion) is remitted from the U.K. and Europe to the Philippines, so this is another great opportunity to demonstrate the power of Bitcoin, with instant and low cost transactions via the Lightning Network.” The CEO of Pouch, Ethan Rose, reaffirmed this excitement about Lightning, stating that, “The Lightning Network is the most efficient way to send money across borders, but until now the user experience has been too complex for the average user. We’re so pleased to announce the partnership between Pouch & CoinCorner, because it allows us to drastically simplify a remitter’s user experience while still taking full advantage of the utility of Lightning.”
The Send Globally feature has the potential to revolutionize the remittance market in the Philippines, as it offers a fast, cost-effective way to send money home. According to the World Bank, around $33 billion a year is sent home from workers in foreign countries, a major percentage of the country’s GDP. This partnership between CoinCorner and Pouch will allow those sending money to the Philippines to take advantage of the benefits the Lightning Network offers, with a simplified user experience.
CoinCorner and Pouch’s partnership is a great example of how the Lightning Network can be used to make global payments instant, low cost and accessible to a wider range of people. With the Send Globally feature, users from Europe, the U.S. and the U.K. can now quickly and easily transfer funds to the Philippines in a cost-effective and secure manner.