The Lightning Network continues to see growing support from the world's largest payment processors. This week Visa announced that it would extend its assistance to the blockchain startup Lastbit via its Fintech Fast Track program. The news is a major boost to both Lastbit and the entire Lightning Network. It demonstrates a maturing of the technology and a higher recognition by the 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 firm accomplish its goal to integrate a Bitcoin Lightning Network payment solution into the Visa network. The new system will fully leverage the reach, capabilities, and security that Visa’s global payments network offer. Additionally, it will enjoy a warm reception from Visa’s vast array of banking partners and principal 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 it's Lightning Network-based payments systems, as well as, enable its financial partners to issue Visa credentials to end consumers.
Discussing the integration, Visa's Head of Crypto, Cuy Sheffield spoke on the excitement surrounding the project. He reiterated Visa's commitment to bolstering the efforts of “innovative FinTech” firms such as Lastbit. Lastly, he touched on the capabilities gained from the entrance into Visa's extensive network
build a payments 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 the consumers’ Visa credential converted into 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 touched on the openness and opportunities the new platform creates in the market. He explained that the system “allows users to pay anyone, anywhere in the world irrespective of what currency they use.”
Lastbit started its journey with strong support from some of the most respected names in the market. The platform received backing from numerous crypto stars including Charlie Lee, UC Berkeley's SkyDeck, Fulgur Ventures, and others. The main focus of Lastbit is to promote further Lightning Network use. The backers of the program seek to deliver a truly instant global payment system to the public.
Visa Fast Track
The Visa Fast Track program is an incubator designed to help drive innovation in the FinTech sector. Firms that receive an invitation to the group benefit greatly. Specifically, they obtain access to Visa’s growing partner network and experts who can provide guidance in helping them get up and running in the most efficient way possible.
Lastbit – Shine Bright
Lastbit is another example of the drive and commitment Lightning Network developers have put forth to date. Over the last few years, this project has gone from a concept to BETA testing (it’s still in), to a huge community of developers, Dapps, exchanges, games, and users. Best of all, this trend is set to continue as firms like Lastbit pioneer new integrations.