CoinCorner partners with Bitnob to facilitate cross-border transactions from UK and Europe to Africa
Douglas, Isle of Man – 12th December 2022 – In a partnership with Bitnob, CoinCorner customers can now “Send Globally” from the UK and Europe to Africa, using Bitcoin and the Lightning Network.
Send Globally will allow millions of people with British pound (GBP) or Euro (EUR) to transfer funds freely and instantly to Nigeria, Kenya and Ghana via the Bitcoin Lightning Network, starting with GBP or EUR and ending with Nigerian naira (NGN), Kenyan shilling (KES) or Ghanaian cedi (GHS) in a local bank account or mobile money wallet.
When a CoinCorner customer uses Send Globally, their pounds will be automatically converted into Bitcoin (BTC) and sent via the Lightning Network. Once the BTC is received at Bitnob, it will be instantly converted into the local currency – NGN, KES or GHS – and the recipient will receive the funds straight into their bank account or mobile money wallet.
Every year, approximately £12 billion is remitted from the UK and Europe to Nigeria, Kenya and Ghana, according to World Bank Open Data (1).
CoinCorner CEO, Danny Scott, said, “The remittance market is a huge opportunity for Bitcoin. The borderless nature of Bitcoin has always made it a great tool for sending money around the world, but now with the Lightning Network, sending Bitcoin is instant and very low cost.
By partnering with Bitnob to provide a seamless cross-border experience using Bitcoin and the Lightning Network, we hope to remove some of the friction and cost that customers experience when using traditional FX and money remittance companies.”
“For us at Bitnob, this is another leap forward in economic empowerment for Africans. Sub-Saharan Africa remains the most expensive region to send money to, where sending $200 costs an average of 8.2 percent in the fourth quarter of 2020 according to the World Bank (2). Bitnob is all about changing the status quo; allow cross border payment to happen instantly and at no fees into your local bank account or mobile money wallet. Bitcoin is powering the future of money and this partnership highlights a strong use case of what the future will look like.” says Bernard Parah, CEO Bitnob.
CoinCorner’s Send Globally service is available now – sign up for a CoinCorner account today at www.coincorner.com/register
CoinCorner is a global leader in Bitcoin and Lightning services. Founded in 2014, with the aim to make Bitcoin easy and accessible to everyone, CoinCorner is trusted by retail consumers and businesses around the world. For more information, visit www.coincorner.com
Bitnob is a leading bitcoin company with a vision to liberate Africans from the current status quo of how financial services are accessed. Bitnob powers cross border payments, and the ability to buy, sell, send, receive, pay and borrow bitcoin or stablecoin with solutions for individuals and businesses. Visit www.bitnob.com for more info.
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Filed under: Bitcoin - @ December 12, 2022 11:23 am