Blockchain adoption goes on despite bear market tendencies

Despite the ongoing bear market trend blockchain technology adoption is not stopping – CoinCorner and Bitnob announced a partnership that will facilitate cross-border transactions in multiple currencies between Europe and Africa. Earlier, Bitnob partnered with Strike, onboarding users from the United States to the platform, and adding support for trades between USA and Africa.

The transactions will be made possible thanks to a feature called Send Globally integrated in Strike and CoinCorner apps, which will initially support US Dollar (USD), as well as British Pound (GBP) and Euro (EUR), respectively, being transferred to Nigerian Naira (NGN), Kenyan Shilling (KES), and Ghanaian Cedi (GHS). The feature will use the Lightning Network, automatically converting senders’ fiat funds into bitcoin, then transferring them back into fiat on the receiver’s end, and depositing them into bank accounts or mobile wallets in the receiver’s preferred currencies.

Typically, this business is handled by traditional finance giants such as Western Union, or fintech solutions like Wise, however, these solutions are known for their inconvenient processing times, due to the involvement of multiple parties, and their expensive fees. Now, the Bitcoin Lightning Network will provide much lower prices and quicker processing times.

Furthermore, thanks to Bitnob’s partnership with payment company Strike, American users sending funds to supported African countries will be able to take advantage of a no-transaction-fee feature.