SpendTheBits plans to leverage Flare Networks’ capabilities.
SpendTheBits, a popular XRP Ledger (XRPL) based Bitcoin spending solution, has started tests for a planned integration with Flare Networks, the company revealed in a tweet yesterday.
“We’re happy to share that we’ve officially initiated the proof of concept for integrating the STB app with @FlareNetworks,” the announcement read.
#XRPCommunity, We're happy to share that we've officially initiated the proof of concept for integrating the STB app with @FlareNetworks. By leveraging #Flare's trustless transaction capabilities, we can offer a more secure, transparent, and efficient #bitcoin payment solution… pic.twitter.com/Trt4FubDBM
— SpendTheBits Inc. (@Spend_The_Bits) March 27, 2023
The team revealed that the application would offer a more secure, transparent and efficient Bitcoin payment solution through this integration. With more details to come, SpendTheBits estimates that it will roll out the first version of this Flare-supported solution for public use by the end of April.
For the uninitiated, SpendTheBits is a payment solution that allows users to send and receive Bitcoin as IOUs (I owe you) on the XRPL. It is hailed as a better alternative to the Lightning Network, as user accounts are easily funded after the first block confirmation. Furthermore, it leverages the XRPL’s speed to conduct transactions in 3 to 5 seconds.
It is worth noting that the solution recently received recognition in Ripple’s latest insights on central bank digital currencies (CBDCs). Recall that SpendTheBits won the interoperability category in Ripple’s CBDC hackathon in November. The solution enables CBDC interoperability through a CBDC portal and its mobile and merchant applications, Ripple disclosed in its recent paper.
As reported in January, the company had started onboarding Canadian merchants interested in receiving Bitcoin payments for pilot tests. The firm has also hinted at expanding to El Salvador, the first country to accept Bitcoin as legal tender. It could potentially boost Bitcoin adoption if it proves to be an improvement to the Lightning Network, which is currently employed in the country.
With the solution’s rising popularity within the XRP community, Jaskaran Kambo, SpendTheBits’ chief executive officer, would speak at XRP Las Vegas, an inaugural community event slated to run from May 5 to 6.
XRP Las Vegas 2023
(Topics/Panels Subject to Amendments)
1:00 PM-4:00 PM
6:00 PM-9:30 PM
(2nd VIP Meet & Greet (Speakers/Panelists)
*8:00 AM-5:00 PM
Registration & Coffee/Breakfast/Mixer…
— Digital PerspectivesPermaBull (@DigPerspectives) February 27, 2023
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