Firm showcases new technology in payment system

Lightspark, a new-age cross-border payment company, has showcased its latest innovation in payment solutions using the lightning and universal money address (UMA) models of operation.

The event held at the Zone Tech Park, Lagos, had participation from a wide array of professionals ranging from developers, payment experts, crypto enthusiasts, brand influencers, celebrities and media representatives.

Co-founder and CTO of Lightspark, Kevin Hurley, noted that Lightspark began two and half years ago with the purpose of modernising money.

The company set out to achieve this by becoming an open network for payments, which enables bank accounts to interact with other bank accounts without the hassles of traditional banking systems, he said.

He added: “So far, we have been able to convince 200 million people around the world and convert them into users,” he said.

Breaking down the use of Lightning in payment, VP (Product), Nicolas Cabrera, said open source technology is the formation the company is leveraging for its instant settlement service.

He pointed out that Lightning is layer two on top of Bitcoin, thus the instant settlement layer helps move money across borders efficiently.