Customers in the UK and Europe can now use CoinCorner’s Global Send feature to transfer funds to the Philippines following a partnership with Pouch, a Lightning service provider based in the Southeast Asian country.
Send Globally uses the Lightning Network to convert one fiat currency into bitcoin, which is then sent via the Lightning Network to a receiving entity that converts the bitcoin into another fiat currency, effectively making global payments instantaneous.
Send Globally recently applied to CoinCorner and Strike through a partnership with Bitnob. It allows users from Europe, USA and UK to send money quickly and cheaply to Ghana, Kenya and Nigeria.
The Philippines is another remittance market that currently has access to the Bitcoin Lightning Network. About $33 billion a year is sent from workers in foreign countries, a major percentage of the country’s GDP.
CoinCorner CEO, Danny Scott, added to this, saying, “We are pleased to announce our latest partnership with Pouch and expand our Global Send service to the Philippines. Every year, more than $2,412,600,000 (£2 billion) is sent from the UK and Europe to the Philippines, so this is another great opportunity to demonstrate the power of Bitcoin, with fast and cheap transactions through the Lightning Network.
Pouch CEO Ethan Rose reiterated his excitement about Lightning, stating, “The Lightning Network is the most efficient way to send money across borders, but until now the user experience has been too complicated for the average user. We are excited to announce the partnership between Pouch & CoinCorner, because it allows us to drastically simplify the remitter user experience while still using the Lightning utility.