Wavespace, a Bitcoin neobank serving the Eurozone, has announced MiCA compliance of its ‘self-custodial’ debit card. With support for Lightning Network payments and automatic DCA, the young fintech firm is leading the way in Bitcoin payments technologies.
Debit cards within the Bitcoin community and wider crypto sector have historically worked by pre-loading accounts to include bitcoin or stablecoins. It was a slow process that required the user’s input to manually send funds from cold storage or self-custody. The card would be unable to spend if the balance on it ran out.
Wavespace’s Self-Custody Debit Card solves this problem with an innovative Bitcoin technology known as Nostr wallet Connect (or NWC). The protocol is documented in NIP-47The user can connect this card with a Lightning node hosted by themselves. Wavespace tops up the debit card every time a user uses the VISA card. The minimum amount is $200. This minimizes exchange risk, while increasing user exposure and automating the spending of bitcoin.
NWC was developed by The Nostr ecosystemThe Bitcoin market is exploding with high-tech applications, including social media platforms and new communication protocols.
Wavespace Neobank
Wavespace is a high tech neobank that gives its users an IBAN personal account to which they can transfer fiat in order to buy Bitcoin. The automated DCA service can be configured to send bitcoins to an address of your choice upon purchasing.
The Company is MiCA compliantAs the crypto-regulations came into effect, it became one of only a few Bitcoin exchanges that survived in Europe.
Wavespace’s integration into the Lightning network allows for a more secure and private banking experience. Users can access their accounts in an easy, compliant way, while not exposing any payment information on the Bitcoin blockchain. Lightning payments do not leak user information because they are made off-chain. Instead, the transactions pass through various payment channels to reach different services and leave no visible public trace. This compromise allows for a balance between privacy and cypherpunk, which are the values behind the Bitcoin industry. It also gives access to legacy systems and compliant integration in areas such as Europe.
In an interview with Bitcoin Magazine, Eivydas Račkauskas, Chief Orange Pill Giver at Wavespace, said that 70% of the payments made on the platform use the Lightning Network and that the company is looking into the ARK protocol for further self-custody-oriented payments integrations. He revealed the integration of the Lightspark with the company and that it is prepared for expansion in the USA. However, he didn’t reveal any other details.
Wavespace has been almost entirely bootstrapped and self-funded, according to Račkauskas, except for an early Relai They will be supported by the angel investor in 2025. They are in the middle another fundraising round.
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Source: bitcoinmagazine.com
