Sparkswap Users Can Now Buy BTC Through the Exchange

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Sparkswap, the Bitcoin exchange powered by Lightning Network, has added USD support to its platform, allowing users to deposit to the exchange direct from their bank accounts. The addition of USD deposits comes hot on the heels of the release of Sparkswap Desktop, the platform’s first full release for Windows, macOS, and Linux.

Decentralized Exchange with Atomic Swaps

Sparkswap has been in development for close on two years, with a $3.5 million fund raise taking place in early 2018 to kick development up a gear, allowing the Sparkswap beta mainnet to launch in April this year with the BTC/LTC pair. The exchange is similar to traditional decentralized exchanges (DEX) in that it allows users to trade without having to deposit their tokens on the platform, but unlike others it utilizes cross-chain atomic swaps for near-instant transactions. Unfortunately the exchange will only allow the purchasing of BTC with USD and won’t facilitate the reverse, but hopefully in time the option will be a possibility. Still, the implementation of direct USD purchases means that users can quickly and conveniently fund their BTC Lightning Network wallets, which, as founder Trey Griffith told The Block is something they’ve wanted to do for some time:

We’ve long wanted to support BTC and USD as a trading pair since it’s the most important and popular trading pair. We decided to build it the way we did in order to make it accessible to a much larger group of people who currently lack a convenient option for buying Bitcoin without giving up custody.

Instant Transfers…if You’re Qualified

USD support will initially be available in 21 US states, with Sparkswap acting as the counterparty for trades dealing with Bitcoin and USD. Qualified customers will see their transfers instantly available for purchasing Bitcoin, while non-qualified customers will have the usual wait for a few days while their transfers are cleared, something that has the potential to put off newcomers, at least for the time being.