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In a recent interview on CNBC Squawk Box, David Marcus, CEO and co-founder of Lightspark, discusses the company’s ambitious project centered on the Bitcoin Lightning Network. Lightspark, a Bitcoin-based payment startup, is working to make Bitcoin transactions faster and more scalable.
The Global Payment Conundrum
Marcus emphasized the need to turn Bitcoin into a global payment network, comparing the current state of global payments to the early days of email communication.
“We are still in the fax era of global payments and that is what we (Lightspark) are attempting to solve”
He pointed out that while it’s easy to connect with people worldwide through email or messaging apps, sending money across borders is challenging due to the lack of a universal protocol for money on the internet.
Comparing the current traditional international payment system Marcus said, “So if you were to send money to people you would have to get a bank account number and to walk to a bank and pay $50 through an international wire and if it after Friday 5 PM, then tough luck”
Marcus highlights the importance of this endeavor, noting that the existing fintech apps, like Venmo, are limited in their ability to facilitate cross-border payments seamlessly.
All fintech apps require both parties and the software’s local availability for the processing of payments successfully, hindering seamless global transactions.
Marcus explains that text messages require just the phone number of the receiver and the communication occurs without the need for a special platform. The Bitcoin Lightning Network is the solution and Lightspark envisions making Bitcoin payments as smooth as texting.
Also Read: Digital Asset Outflow Dampen Sentiments With Bitcoin Suffering Most
The Future With Bitcoin
Talking about the volatility in Bitcoin price makes it unfit to become a daily use currency, the CEO emphasized that their goal is not necessarily to position Bitcoin as a currency for everyday transactions.
Instead, they envision Bitcoin functioning as a settlement layer, allowing users to exchange fractions of Bitcoin quickly and efficiently on the Lightning Network.
The approach of exchanging fractions of Bitcoin enables users to send various currencies, such as dollars, Japanese Yen, or Euros, using Bitcoin as the underlying settlement infrastructure.
David Marcus’s insights in the Squawk Box interview shed light on Lightspark’s mission to revolutionize global payments by leveraging the Lightning Network’s potential.
Lightning Networks aims at making cross-border transactions easier, more efficient, and cost-effective, to usher in a new era of global payments in the world of cryptocurrency.
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