- Santander, Spain’s biggest bank, is initiating a ‘Digital Assets 101’ series for customers, demonstrating significant interest in Bitcoin’s Lightning Network.
- The Lightning Network, a layer on the Bitcoin Network, has the potential to conduct over a million transactions per second, compared to traditional card payment networks like VISA that handle 20,000 transactions per second.
Recently, Santander, Spain’s paramount banking institution, disclosed the launch of a ‘Digital Assets 101’ series. This initiative, geared towards educating customers and potential investors about the growing digital asset space, has caught the eye of Bitcoin advocates. The bank’s insightful exploration of Bitcoin’s Lightning Network particularly stood out.
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We delve deeper into this world on our #DigitalAssets101 series, breaking down the fundamentals, benefits, and implications of this transformative technology. 🚀🔑
— Santander (@bancosantander) June 9, 2023
The Lightning Network is a revolutionary layer superimposed on the Bitcoin Network, designed to facilitate swift, cost-effective Bitcoin transactions. According to Santander’s analysis, this innovative network is capable of conducting over a million transactions per second – a staggering figure when juxtaposed with the 20,000 transactions per second processed by traditional card payment networks such as VISA.
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Amboss CEO Jesse Shrader highlighted renowned corporations like McDonald’s and Starbucks as adopters of the Lightning Network. However, Shrader emphasized that these companies’ adoption was primarily a reaction to El Salvador’s Bitcoin Legal Tender law, essentially out of compliance necessity.
On the other hand, institutions like MicroStrategy and Santander appear to be appreciating the potential of the Lightning Network based on its underlying technology. MicroStrategy, under the leadership of executive chairman and former CEO Michael Saylor, adopted Bitcoin as its principal treasury reserve asset. In 2023, the company plans to introduce enterprise lightning infrastructure and solutions.
The Lightning Network is indeed an emerging technology poised to address significant challenges associated with Bitcoin, including scalability and efficiency. It carries the potential to democratize Bitcoin access for a broader user base and to facilitate its use in microtransactions. As the Lightning Network evolves, it is expected to gain wider acceptance as a preferred payment method.
It has indeed been a remarkable period for Bitcoin, with multiple EFT applications, encouraging price trends, and now Santander’s newly kindled interest. This shifting sentiment towards Bitcoin suggests a potential surge in institutional demand, indicating the winds may be changing once again in the volatile Bitcoin market.
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