Elizabeth Stark CEO of Lightning LabsThe firm will bring stablecoins, tokenized assets and other digital assets to the Bitcoin network (BTC). Stark stated that Lightning Network developers had begun to test the new initiatives.
Speaking at FT Live’s Crypto and Digital Assets summit in London, Stark stated, ‘In October, we released a first part of the code and demonstrated recently the very first Lightning asset transaction. It is the idea to put cryptodollars and stablecoins onto the Bitcoin blockchain.‘
Also Read: US House Advances Bill To Allow Financial Firms To Hold Bitcoin
Stark said that stablecoins, tokenized assets and other services were previously hosted by different networks. High fees and other problems have slowed their growth. The Lightning Labs CEO also believes the Bitcoin network would be the ideal place for stablecoins. She emphasized the BTC’s decentralized and secure nature.
What will the Bitcoin network bring to stablecoins?
Stark thinks BTC and Stablecoins are a great way to help countries that struggle with high inflation.
Also Read: President Biden To Veto Bill Allowing Financial Firms To Hold Bitcoin
Stark stated, ‘Users who are looking for an alternative to the traditional bank account have shown the most interest. Some of them use Bitcoin. They use stablecoins in other instances, while in others, they are using Bitcoin.‘
Stark further added, ‘This is why we are building the protocol and technology now. Rails are what we do, not assets. Asset issuers can use our technology for real-world tokenized asset issuance.‘
Also Read: Another Bitcoin Rally To Begin? Analyst Explains What Will Happen Next
Stark has also highlighted the possibility of lowering transaction fees on the Bitcoin Network. She mentioned that transaction fees for VISA could be anywhere from 1%-3%. She pointed out that users will be able to conduct global transactions using stablecoins via the BTC Network at rates lower than those of traditional networks.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: watcher.guru
