• CoinCorner and Pouch have partnered to enable CoinCorner’s Send Globally feature to transfer funds to the Philippines.
• Send Globally utilizes the Lightning Network to convert one fiat currency into bitcoin, and then sends it over the Lightning Network to be converted into another fiat currency.
• This allows for instant and low cost transactions between the U.K., Europe, and the Philippines.
CoinCorner, a cryptocurrency exchange based in the U.K., has recently partnered with Pouch, a Lightning service provider based in the Philippines, to enable their Send Globally feature to transfer funds to the Southeast Asian country. With this new development, customers in the U.K. and Europe now have access to the Lightning Network, allowing for instant and low cost transactions.
Send Globally takes advantage of the Lightning Network, which converts one fiat currency into bitcoin and then sends it over the Lightning Network to be converted into another fiat currency, making global payments nearly instantaneous. This service was initially enacted for CoinCorner and Strike through partnerships with Bitnob, and now the Philippines is another remittance market that has access to the Lightning Network. Around $33 billion a year is sent home from workers in foreign countries, a major percentage of the country’s GDP.
Danny Scott, CEO of CoinCorner, expressed his excitement about this development, 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.”
Ethan Rose, CEO of Pouch, also commented on this partnership, 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.”
This partnership between CoinCorner and Pouch is a major step forward for the cryptocurrency industry, as it allows for instant and low cost transactions between two different countries. This has the potential to revolutionize the global remittance market, making it more efficient and cost-effective for people to send money to their loved ones in foreign countries. As more and more companies partner with providers of the Lightning Network, the cryptocurrency industry will only become more accessible and convenient.