KB Trading to Offer Free Transfers from USDC to Bitcoin’s Lightning Network starting July 18th
Jul 12, 2022
LONDON - July 12, 2022 —
KB Trading has announced that they will offer all customers the option to transfer the USDC stablecoin in and out of Bitcoin Lightning Network wallets, free of charge, beginning July 18th, 2022.
USDC, a dollar-pegged stablecoin issued by Boston based corporation Circle, is gaining traction in the payment and remittance industry. In October of 2021, Circle and money transfer giant Moneygram jointly announced a partnership to provide free services to USDC users. The service went live on June 10th, 2022.
Users can now use their USDC wallets for transfers which can be paid out in the local currency of the destination country. This service is available at Moneygram branches in a number of major remittance markets, including Canada, the United States, the Philippines, and Kenya. Moneygram customers can also convert cash into USDC, free of charge.
In light of growing USDC adoption, KB is offering free transfers from USDC to the Lightning Network via the BTCLN token. This will allow anyone to instantly move USDC to a Bitcoin Lightning wallet for free.
The Lightning Network is a decentralized network which allows ultra low-cost and near instant Bitcoin transfers. Bitcoin is growing in popularity in many countries both for use in remittances and as an inflation-resistant store of value.
Some countries, including El Salvador and the Central African Republic, have moved to make Bitcoin legal tender. Politicians in several other countries, including Panama, Paraguay, Guatemala, and Honduras are discussing similar moves.
Remittances accounted for 24.1% of El Salvador’s GDP in 2020, amounting to more than $6 billion USD annually. The government is promoting the Lightning Network as a way to reduce remittance fees, which cost the country over $400 million every year. Proponents argue that this could be a major force in reducing poverty.
With the new service offered by KB Trading, people wishing to send money to El Salvador could convert local currency to USDC for free at Moneygram, and then move their USDC directly onto the Lightning Network. This would provide instant access to the Chivo wallet, which is being promoted by the Salvadoran government and has been downloaded by approximately 2 million Salvadorans.
"Bitcoin Lightning is one of the most innovative blockchain solutions in a decade” said Adolfo Kaplan, managing director at KB Trading. “Adding in Stellar, USDC and Moneygram to BTCLN allows El Salvadorians to receive money for free from the US and Canada."
About KB Trading
KBTrading.org is a liquidity provider and the largest market maker on the Stellar blockchain by number of trades. It seeks to reduce costs of remittances by making international markets more liquid.
Contact Info:
Name: A Kaplan
Email: Send Email
Organization: KB Trading
Website: https://kbtrading.org
Release ID: 89078246
If you detect any issues, problems, or errors in this press release content, kindly contact [email protected] to notify us. We will respond and rectify the situation in the next 8 hours.
More News
UN biodiversity conference begins formal sessions in Armenia
UN biodiversity conference begins formal sessions in Armenia
Critica tables monster $2.7B valuation for WA rare earths play
Critica Limited’s WA rare earths scoping study has delivered a huge $2.7 billion pre-tax valuation, 56% IRR and $556 million in upfront capital earmarked for a 14-year operation.
Graphics: China's economy picks up steam in Q3
Graphics: China's economy picks up steam in Q3
Hong Kong mother spared trial over neglect of chronically underweight daughter
A Hong Kong mother accused of neglecting her 12-year-old daughter who had been chronically underweight has been spared trial as the prosecution agreed to place her on a good behaviour bond, with the justice department saying public interest is generally a key factor in such decisions. The South China Morning Post has learned that prosecutors at West Kowloon Court dropped a child abuse charge against the 53-year-old housewife earlier this month in exchange for her agreeing to a three-year...
Disgusting, dark times: Reece on political attacks
Melbourne Lord Mayor Nick Reece says he worries about the rising temperature in political discourse after the attack on Indi MP Helen Haines.
The new ASUS Zenbook 14 launches in Singapore with a choice of Intel or AMD processors
The Intel and AMD versions share most of their core specifications too, though their displays differ.
The embarrassment of Melbourne and Sydney: Bracks
Former Victorian premier Steve Bracks says it's embarrassing we don't have fast rail between our two major cities.
Helen Haines' accused attacker identified as Brendan Nugent
The man accused of mowing down federal Independent MP Helen Haines with a car has been identified as Brendan Nugent.
The Redmagic 12 Pro+ releases in China with the latest Snapdragon Elite Extreme chip
Despite being one of the few gaming phones out there left, it still packs in the latest and greatest.
China’s export boom is becoming its Achilles heel
China is on track for a record trade surplus, but is facing increasing pushback from the countries whose economies are being ravaged by its flood of exports.
Lord Mayor slams SRL, West Gate Tunnel
Nick Reece tells Melbourne Assembly Victoria needs to upgrade governance on infrastructure decision-making.
Cell publisher investigates editor accused of soliciting bribes from China
Cell Press, one of the world’s leading scientific publishers, has launched an investigation after prominent Chinese biologist Rao Yi accused the editor-in-chief of a top medical journal of soliciting bribes from mainland authors. “Several important international academic journals have seen editors, and even editors-in-chief, soliciting and accepting bribes,” said Rao, a tenured chair professor at Peking University who stepped down as president of Capital Medical University last year, in a social...
YOUR NEWS, OUR NETWORK.
Do you have Great News you want to tell the world?
Be it updates about your business or your community, you can make sure that it’s heard by submitting your story to our network reaching hundreds of news sites across 6 verticals.