Gibraltar-regulated Xapo Bank has enabled bitcoin deposits for its customers via the Lightning Network.

In a statement shared with The Block, Xapo claimed it is the first fully licensed bank to do so — adding to its existing bitcoin deposit options by enabling instant deposits globally with near-zero fees.

“We believe in the Lightning Network’s future as the primary avenue for bitcoin transactions, especially for daily, small-scale exchanges,” Xapo Bank CEO Seamus Rocca said. “Not only can members spend their bitcoin as easily as fiat, but they can also maximize their assets’ value through our competitive interest rates without needing to stake, lend or lock up assets.”

The Lightning Network is a second-layer solution of payment channels built on top of the Bitcoin blockchain — …