KB Trading to Offer Free Transfers from USDC to Bitcoin’s Lightning Network starting July 18th

Jul 12, 2022

LONDON - July 12, 2022 —

KB Trading has announced that they will offer all customers the option to transfer the USDC stablecoin in and out of Bitcoin Lightning Network wallets, free of charge, beginning July 18th, 2022.

USDC, a dollar-pegged stablecoin issued by Boston based corporation Circle, is gaining traction in the payment and remittance industry. In October of 2021, Circle and money transfer giant Moneygram jointly announced a partnership to provide free services to USDC users. The service went live on June 10th, 2022.

Users can now use their USDC wallets for transfers which can be paid out in the local currency of the destination country. This service is available at Moneygram branches in a number of major remittance markets, including Canada, the United States, the Philippines, and Kenya. Moneygram customers can also convert cash into USDC, free of charge.

In light of growing USDC adoption, KB is offering free transfers from USDC to the Lightning Network via the BTCLN token. This will allow anyone to instantly move USDC to a Bitcoin Lightning wallet for free.

The Lightning Network is a decentralized network which allows ultra low-cost and near instant Bitcoin transfers. Bitcoin is growing in popularity in many countries both for use in remittances and as an inflation-resistant store of value.

Some countries, including El Salvador and the Central African Republic, have moved to make Bitcoin legal tender. Politicians in several other countries, including Panama, Paraguay, Guatemala, and Honduras are discussing similar moves.

Remittances accounted for 24.1% of El Salvador’s GDP in 2020, amounting to more than $6 billion USD annually. The government is promoting the Lightning Network as a way to reduce remittance fees, which cost the country over $400 million every year. Proponents argue that this could be a major force in reducing poverty.

With the new service offered by KB Trading, people wishing to send money to El Salvador could convert local currency to USDC for free at Moneygram, and then move their USDC directly onto the Lightning Network. This would provide instant access to the Chivo wallet, which is being promoted by the Salvadoran government and has been downloaded by approximately 2 million Salvadorans.

"Bitcoin Lightning is one of the most innovative blockchain solutions in a decade” said Adolfo Kaplan, managing director at KB Trading. “Adding in Stellar, USDC and Moneygram to BTCLN allows El Salvadorians to receive money for free from the US and Canada."

About KB Trading

KBTrading.org is a liquidity provider and the largest market maker on the Stellar blockchain by number of trades. It seeks to reduce costs of remittances by making international markets more liquid.

Contact Info:
Name: A Kaplan
Email: Send Email
Organization: KB Trading
Website: https://kbtrading.org

Release ID: 89078246

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