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<h2 id="header-0">The ongoing crypto winter is not deterring the sector from pushing for global adoption and accessibility. A new collaboration between CoinCorner and Bitnob allows users from different continents to conduct cross-border transactions involving several fiat currencies.</h2>Transferring funds between Europe and Africa typically necessitates the use of a third-party facilitator, such as Western Union, which relies on centralized companies. These transactions are notorious for their pricey cuts and frequently involve many parties prior to clearance.Users can now transfer funds from the United Kingdom and Europe to selected African countries using the <a href="https://www.coingabbar.com/en/crypto-blogs-details/what-is-the-lightning-network-understanding-blockchain-fundamentals" rel="noopener noreferrer nofollow">Bitcoin Lightning Network</a>. The application, Send Globally, enables the transfer of British pounds (GBP) or euros (EUR) to the local currencies of Ghana, Kenya, and Nigeria (GHS).Through the Lightning Network, the money is automatically turned into BTC, converted to the local currency in an instant, and then directly deposited into the recipient&#39;s bank account or mobile wallet.According to Danny Scott, CEO of CoinCorner, the remittance industry is a significant opportunity to demonstrate the utility of BTC.“Bitcoin&#39;s borderless nature has always made it an excellent tool for transferring money around the world, but with the Lightning Network, transferring Bitcoin is now instant and extremely low cost.”As per reports, Nigeria was among the top ten countries for remittance transfers in 2021. Furthermore, the World Bank indicated that Sub-Saharan Africa accounted for 14.1% of global remittances in the previous year.However, nearly 80% of African countries restrict the types of institutions that can provide remittance-related services to local banks. Such exclusivity raises entrance hurdles, limiting access to credit for those who need it the most.The popularity of cryptocurrencies in Africa has been a hot issue in the field, as the continent is rich with developing economies and practical use cases.The crypto sector is expanding, particularly in North Africa. A recent Chainalysis report revealed that the Middle East and North Africa (MENA) area is the world&#39;s fastest expanding.In September, the <a href="https://www.coingabbar.com/en/crypto-currency-news/nigeria-potential-lead-global-digital-economy" rel="noopener noreferrer nofollow">Nigerian government</a> met with Binance to discuss the possibility of establishing a special economic zone to encourage crypto and blockchain-related enterprises in the region.A subsequent Chainalysis analysis emphasized Ghana&#39;s ascent to prominence in the crypto industry. It said the country might potentially catch up to Nigeria and Kenya in terms of cryptocurrency adoption.Read also: <a href="https://www.coingabbar.com/en/crypto-currency-news/bybit-releases-merkle-tree-verified-proof-of-reserves" rel="noopener noreferrer nofollow">Bybit Releases Merkle Tree-Verified Proof of Reserves</a>

Bitcoin Lightning Network to be Used to Facilitate Fiat Transfers Between EU & Africa

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