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Journalist
Hassan Shittu
Journalist
Hassan Shittu
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HTX has announced a strategic partnership with IBEX, a fintech innovator focused on the Bitcoin Lightning Network, to enhance Bitcoin transaction speed and reduce costs in emerging markets.
This collaboration targets regions including Asia, Latin America, and Africa, aiming to expand access to digital payments where traditional banking services are often inefficient or unavailable.
Through the integration of IBEX’s Lightning Network technology, HTX aims to deliver faster, more affordable Bitcoin transactions on its platform to expand financial inclusion in these underserved regions.
HTX To Integrate IBEX’s Lightning Network
The partnership between HTX and IBEX centers around integrating the Lightning Network, a second-layer protocol built on top of Bitcoin that significantly enhances transaction speed and reduces fees.
The integration on HTX’s platform is currently in its testing phase and promises to improve user experience by offering near-instant transaction confirmations and lower costs.
Unlike traditional finance (TradFi) and decentralized finance (DeFi) systems, which often involve lengthy confirmation times and high fees, the Lightning Network processes transactions in seconds.
This capability makes it particularly suitable for scenarios that require immediate payments, such as online shopping and international remittances.
The collaboration addresses one of the major challenges in cryptocurrency adoption: the high transaction costs associated with traditional blockchain networks.
Another key aspect of this partnership is the focus on emerging markets. HTX’s established presence in Asia, combined with IBEX’s expertise in Lightning Network settlements, aims to drive cryptocurrency adoption in Latin America and Africa.
These regions, characterized by limited access to traditional financial services, stand to benefit significantly from the low-cost, fast Bitcoin payment solutions offered by HTX and IBEX.
Expanding Market Reach With Collaborative Efforts: HTX and IBEX
Beyond the technological integration, HTX and IBEX are also focused on expanding their market reach through a series of co-branded marketing initiatives.
These efforts will include social media campaigns, events, and other promotional activities designed to increase visibility and adoption in key markets.
IBEX will support HTX in exploring new opportunities in Latin America and Africa, including forming partnerships with local exchanges and thought leaders.
In return, HTX will assist IBEX in entering the Asian market, leveraging its established network and market presence.
HTX and IBEX have planned joint efforts to explore various application scenarios, including payments, transfers, and settlements, on the HTX platform.
Additionally, they plan to offer deposit and withdrawal services for IBEX’s users on HTX, further broadening the scope of their collaboration.
In practical terms, the integration of IBEX’s technology into HTX’s ecosystem will involve the deployment of advanced encryption and multi-factor authentication measures to ensure transaction security.
This integration will not only enhance the platform’s technical capabilities but also improve its overall competitiveness in the global market.
HTX will leverage its market penetration in Asia to help IBEX establish a foothold. At the same time, IBEX will provide support to HTX in navigating the complexities of the Latin American and African markets.
This mutual support is expected to increase the global influence of both companies, driving the adoption of Bitcoin and Lightning Network technology worldwide.
Ry Sterling, Head of New Markets, EMEA for IBEX, emphasized the significance of this partnership, stating,
“The partnership between HTX and IBEX is the first step to connecting the Global South and Asia via the Lightning Network. We look forward to expanding HTX’s LN features as well as opening channels to new markets and to local IBEX LN partners across Asia, Latin America, and Africa.”
Notably, this latest collaboration will greatly help HTX shift up as a leader in space, just earlier this year, HTX achieved a major milestone by surpassing US-based Coinbase in daily spot trading volumes for the first time.
HTX traded $1.81 billion worth of cryptocurrencies in 24 hours, beating Coinbase’s $1.58 billion.
