The product is very similar to the Square Cash app. The main difference is that when you buy Bitcoin with Sparkswap, the Bitcoin goes instantly (and without paying on-chain fees) into a wallet for which you hold the private keys (rather than a company holding the keys on your behalf). And that Bitcoin is available for spending on the Lightning Network.
The downside is that you have to be comfortable being responsible for the keys, which not everyone is.
Great, thanks for the information! Depositing straight into my own wallet is very appealing.
I'm just starting to get into buying crypto, but for someone like me, I'm ONLY interested in managing my own private keys.
I don't typically buy large amounts of bitcoin at a time, so when I do it is advantageous to reduce the fees as much as possoble.
Excgange fees and/or network transaction fees can take a painful percentage from small transactions, so I will certainly be happy to give Sparkswap a try!
The downside is that you have to be comfortable being responsible for the keys, which not everyone is.