Crypto exchange and web wallet provider CoinCorner has announced the launch of its Bolt Card, a contactless Bitcoin (BTC) card powered by near-field communication (NFC) and the Lightning Network (LN).
The card allows users to leverage the power of the LN, a layer 2 (L2) payment protocol layered on top of Bitcoin that makes fast and cheap transactions. It, therefore, enables users to make instant payments by tapping the card against a sale device displaying a Lightning invoice.
Detailing how the payment is processed, CEO of CoinCorner Danny Scott said that after the card taps the Lightning-enabled point-of-sale (POS) terminal, which requested the payment, the linked CoinCorner account exchanges GBP into BTC and sends it over Lightning to the merchant.
“We’re still early, so as we continue to work on making Lightning an everyday use case, we will explore other concepts around how to make The Bolt Card, and the user experience for all Lightning use cases, better,” Scott was quoted as saying.
As of now, The Bolt Card is compatible with CoinCorner and BTCPay Server payment gateways and will add support to Ibex Mercado, LNBits, and FastBitcoins in the near future.
Customers can pay with the card across locations that have CoinCorner Lightning-enabled POS devices, which currently include around 20 stores in the Isle of Man, Scott said, adding that they will be rolling out more across the UK and other countries this year.
Android users are also able to use the card to pay at checkout on websites that accept bitcoin and Lightning payments, some of which include Davison’s Ice Cream, online betting platform Rivalry, cannabidiol (CBD) company Herts Hemp, and fudge company Yum Yum Tree Fudge, among others.
Notably, the Bolt Card comes just days after crypto exchange FTX CEO Sam Bankman-Fried said that Bitcoin can’t be an efficient means of payment – a comment that led to huge community backlash and the CEO promising to look into integrating the LN.
Meanwhile, some users have noted that this card could help pave the way for more Bitcoin adoption.
“This could very well bring mass adoption. Hard for people to learn a complete diffrent way of doing commerce better adapt Bitcoin to what people are already familiar with,” one Twitter user said.