Relai, a Swiss-based Bitcoin-only application, has announced an exciting development for its users – the integration of Blockstream’s Greenlight solution, which will introduce Lightning payment functionality to the platform.
This collaboration aims to enhance the Bitcoin payment experience for Relai’s user base, according to a detailed announcement provided to Cointelegraph.
Blockstream’s Lightning-as-a-service offering is being woven into the fabric of Relai’s dedicated Bitcoin wallet platform.
This integration is poised to empower approximately 100,000 Relai users with the ability to conduct Bitcoin (BTC) transactions swiftly and affordably via the Lightning Network, all the while retaining control over their private keys.
Importantly, this move allows Relai to bypass the need for creating and managing its own Lightning infrastructure.
The inception of Greenlight by Blockstream in June 2023 marked a significant stride toward facilitating rapid, cost-effective Bitcoin payments for developers and platforms, emphasizing user sovereignty over private keys.
Traditional custodial solutions, while convenient and quick to set up, often compromise user security and privacy.
In contrast, noncustodial services, which prioritize these aspects, typically demand extensive technical and operational input.
Greenlight’s novel approach divides custodial Lightning nodes into distinct, independently functioning components.
READ MORE: Arbitrum to Release $2.32 Billion in Vested Tokens, Sparking Market Speculation
It utilizes Core Lightning for its foundational structure, enabling all operations related to private keys to be executed on the user’s device, effectively making it the signer.
The rest, including operational requirements, are managed on Blockstream’s infrastructure.
This infrastructure is grounded in the Validating Lightning Signer project, ensuring thorough verification and safeguarding user autonomy over fund-related operations.
It mirrors the architecture of hardware wallets, which combine a user-operated client interface and signer with the wallet provider’s Bitcoin node that connects to the broader network.
This setup facilitates payment initiation and invoice signing by the user, with Blockstream managing the node responsibilities.
Founded in 2020, Relai has exclusively focused on Bitcoin trading and custody, boasting over $300 million in trading volume in its four-year history.
The platform’s pivot towards Lightning payments follows broader industry trends, with leading exchanges, including Coinbase, enhancing their Bitcoin transaction capabilities.
In September 2023, Coinbase, the largest U.S. exchange, announced its plan to adopt Bitcoin Lightning payments, underscoring Bitcoin’s pivotal role in the cryptocurrency ecosystem and its potential to enable quicker, more economical BTC transactions, as highlighted by CEO Brian Armstrong.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
