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Catalysing a global transformation

Breakthrough solutions in cross-border payments and transferring money across the globe

Catalysing a global transformation

_{Bitcoin, and the Bitcoin Lightning Network, offer breakthrough solutions for transferring money globally, eliminating the need for centralised intermediaries and revolutionising cross-border transactions.}

_{The Lightning Network is a 'Layer 2' protocol built on top of the bitcoin blockchain, enabling high-speed, low-cost transactions by processing them off-chain and settling them on the bitcoin network only when necessary.}

_{^{Each sector stands to benefit from bitcoin’s potential to slash transaction fees and expedite money transfers, offering a more efficient and accessible global payment system.}}

_{The solution allows for near-instant payments with minimal fees, making bitcoin more scalable and efficient for everyday use. This breakthrough allows for near-instantaneous, low-cost, cross-border transactions, making it a potential game-changer across multiple payment types; remittances (i2i), e-commerce (c2b), business-to-business payments (b2b) and business-to-individual (b2i) transfers such as global payroll.}

_{^{Source: Cryptozombies.io}}

_{Revolutionising remittance payments}

_{Remittance payments, a critical lifeline for low and middle-income economies, stand to benefit the most from bitcoin's impact. They’re often used to transfer money home from those working abroad. In 2023 alone, global remittance flows reached $840 billion, with India, Mexico, and China among the top recipients. In some nations, remittances account for a significant share of the economy, including Georgia (13% of GDP) and El Salvador (24%), the world’s first bitcoin nation. Yet, the current remittance system remains costly and inefficient, with fees for smaller transfers (typically around $200) reaching as high as 10–20%, according to the IMF}_[viii]._{These high fees disproportionately burden low-income migrants, while additional problems such as slow transaction speeds and poor exchange rates further complicate the process.}

_{Currently, remittance payments are routed through traditional financial intermediaries such as Money Transfer Operators (MTOs) and larger remittance software providers (RSPs) like Western Union, which consume a substantial portion of the fees. This structure makes remittance services expensive and cumbersome, particularly for small-value transfers. Bitcoin offers a solution by eliminating intermediaries, potentially reducing fees and delivering funds faster, which could dramatically improve the lives of millions relying on remittance payments.}

The role of the lightning network

_{^{Bitcoin Dominance Chart - TradingView (2025)}}

_{The Bitcoin Lightning Network has been key in driving these changes. As a ‘Layer 2’ solution built on top of the bitcoin blockchain, the Lightning Network enables high-speed transactions with minimal costs. From 2021 to 2023, the number of routed Lightning transactions surged by 1,212%, underscoring its rapid adoption}_[ix].

_{In August 2023 alone, the Lightning Network processed 6.6 million transactions, marking a significant step in broadening bitcoin’s utility and appeal. Not only is it serving as a store of value but also increasingly as a medium of exchange.}

_{Use cases driving this growth include not only remittances but also gaming, social media tipping, and micropayments.}

_{^{The Lightning Network saw an increase in routed transactions from August 2021 to August 2023}}

_{Cross border business to business payments and ecommerce transformation}

_{Beyond remittances, the Lightning Network presents a tremendous opportunity for businesses. Traditional business-to-business (B2B) payments are often slow and encumbered by high fees, particularly in cross-border transactions. Bitcoin can streamline these payments, reducing settlement times to seconds and dramatically cutting costs, allowing businesses to operate more efficiently on a global scale.}

_{For the moment, almost all B2B transactions are made using traditional payment structures. But that is likely to change in the coming years. Just as the Lightning Network is revolutionising remittance payments, so too are emerging technologies and services poised to transform the way large transactions are conducted. This will have even larger repercussions given that B2B transactions represent an estimated 98% of all cross-border payments}_[x]_.

The role of the lightning network

_{Imagine being able to convert, say, £5 million into bitcoin and then sending it to New Zealand, where it is converted into New Zealand dollars, all in a matter of seconds – and what’s more, much more cheaply than is currently possible with today’s bank-dominated payment system. And because it only takes seconds, there is no more foreign currency volatility risk relative to using traditional B2B cross border payment methods.}

_{This could be closer to becoming reality than you may think. In September, IBEX, a company that has already cut its teeth facilitating instant payment remittances via the Lightning network, announced a strategic partnership with HTX, a leading global platform for digital assets. The goal of the collaboration is to “enhance the payments efficiency, reduce transaction costs on the HTX platform, explore emerging markets together and provide users with more diverse financial services”}_[xi].

Catalysing a global transformation

_{IBEX's platform already allows businesses to connect to a global financial network by integrating bitcoin and Lightning functionalities. Its Lightning settlement system can complete global transactions in seconds. The company is currently offering large transaction services across five currencies – the US dollar, the euro, the British pound, the Mexican peso and the Guatemalan quetzal – but it plans to expand its offering to include many more this year.}

_{Similarly, business-to-individual (B2I) payments, such as international payroll, can leverage bitcoin’s benefits in countries experiencing currency devaluation or inflationary pressures. Additionally, ecommerce (C2B) payments are poised for disruption, with bitcoin providing a lower cost alternative for international customers and businesses, enabling smoother and cheaper cross-border transactions provided by third-party companies.}

_{Pioneers in the space}

_{Several startups are already capitalising on bitcoin’s potential to revolutionise cross-border payments.}

_{For example, if a Mexican migrant in the US wants to send money home, the company would convert dollars into bitcoin, which is sent via the Lightning Network to a local partner in Mexico.}

_{The partner then converts the bitcoin into local currency and deposits it into the recipient’s bank account. This system bypasses the high costs and slow speeds of traditional financial intermediaries, making cross-border payments cheaper and more efficient}_[xii].

_{The future of bitcoin in cross-border payments}

_{In late 2023, a survey conducted by Block, a tech firm co-founded by Twitter's Jack Dorsey, revealed that 87% of bitcoin owners frequently engage in cross-border remittances, demonstrating bitcoin’s expanding role in international money transfers}_[xiii]._{Moreover, individuals who engage in remittances are significantly more likely to own bitcoin, with 9% of them reporting ownership. These trends suggest that bitcoin is well positioned to become a genuine alternative for cost-effective, global cross-border transactions.}

_{While bitcoin-based remittances currently make up a small fraction of the overall market, they are growing at a blistering pace. As previously mentioned, the Lightning Network is estimated to have processed 6.6 million transactions in August 2023—a 1,212% increase from 2021. If this rapid growth continues, bitcoin is set to not only transform remittance payments but also redefine the broader landscape of cross-border financial transactions, enabling a more equitable and efficient global economy.}

_{If this rapid growth continues, bitcoin is set to not only transform remittance payments but also redefine the broader landscape of cross-border financial transactions}