Relai Integrates Blockstream's Greenlight to Unlock Lightning Payment for Bitcoin Users
Summary:
Switzerland-based Bitcoin-only app, Relai, has integrated Blockstream’s Greenlight solution to allow users access to Lightning payment functionality. This agreement provides the app's 100,000 users with the ability to make low-cost Bitcoin transactions using the Lightning network while keeping control of their private keys. Also, Greenlight’s integration helps Relai bypass building its unique Lightning infrastructure. Similar to hardware wallets, Greenlight's model ensures end-to-end verification and enables operations involving private keys to be performed on a user's device as a signer, retaining security and privacy. This decision by Relai comes as apart of a trend towards Lightning integration seen among significant exchanges.
Lightning payment functionality will now be accessible to users of the Bitcoin-only app Relai, which is based in Switzerland. This comes due to the integration of Blockstream’s Greenlight solution. The partnership entails the incorporation of Greenlight, a Lightning-as-a-service solution by Blockstream, into Relai’s Bitcoin-only wallet platform, according to an announcement distributed to Cointelegraph. With the aid of Greenlight's functionality, Relai's 100,000 users can execute Bitcoin payments at a low cost using the Lightning network and still maintain control over their private keys. This integration implies that Relai can avoid the hassle of constructing and upholding its unique Lightning infrastructure. Blockstream launched Greenlight in June 2023 with a focus on enabling swift, low-cost Bitcoin transactions as an alternate service for platforms and developers. The service operates on Blockstream's infrastructure but still permits users to retain control over their private keys. There is an alternate option available in the form of custodial solutions, however they may compromise the security and privacy of the users while offering expediency and easy onboarding. Such risk assessments are largely avoided in non-custodial solutions, while providing an enhanced guarantee of security and privacy, albeit requiring more technological and operational resources. Greenlight's model allows for the splitting of custodial Lightning nodes into smaller, independent operation units. With Core Lightning as the foundational implementation, Greenlight enables all operations involving private keys to be performed on a user's device serving as the signer. The remaining node and operational needs are catered to by Blockstream’s infrastructure. The system akin to hardware wallets, has a user possessing a client interface and signer, while the wallet provider functions as a Bitcoin node connected to the network. User-controlled elements are then able to initiate payments and sign invoices while Blockstream oversees the node function. Relai, founded in 2020, has been intensely devoted to Bitcoin trading and custody. Over the past four years, it has amassed a trading volume of over $300 million. Major exchanges have been displaying a trend towards enhancing their service, and Relai's decision to incorporate Lightning payments seems to be a part of this wave. Coinbase, the leading exchange operator in the United States, made an announcement in September 2023 about its plans to incorporate Bitcoin Lightning payments into their service. CEO Brian Armstrong, in discussing these plans, emphasized on the integral role played by Bitcoin in the cryptocurrency ecosystem and expressed that the functionality would enable quicker and more economical BTC transactions.
Published At
3/12/2024 5:00:00 PM
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