Bitpay adopts Lightning Network for merchant bitcoin payments

abdelaziz Fathi

Crypto payment service provider Bitpay has added support for the Lightning Network, a layer two protocol on the Bitcoin blockchain.

Bitpay

BitPay, which bills itself the world’s largest provider of Bitcoin and cryptocurrency payment services, says Lightning nodes offer zero risk and secure crypto payment processing. Additionally, BitPay’s merchants and their customers now have access to cheaper and more scalable Bitcoin payments.

“BitPay’s integration with the Lightning Network offers customers more choice and merchants more ways to be paid leveraging blockchain technology,” said Tony Gallippi, BitPay’s Co-founder.

Nevertheless, it’s important to note that BitPay’s wallet app itself has not yet enabled the Lightning network. Instead, merchants can receive payments from Lightning-enabled wallets like CashApp and Strike, in addition to over one hundred of other crypto wallets, specifically those using an off-chain payment channel.

As the most popular layer 2 scaling solution for Bitcoin, the Lightning Network solves several challenges that prevent the original protocol from being used for micropayments and other transaction types. It also enables payments to be processed faster and more privately than they would natively on the primary coin’s blockchain.

The feature had been swiftly rolling out

Lightning Network was introduced in 2018 and has seen increased usage among bitcoin holders in recent years. That trend has risen at a faster pace over the last year as the number of nodes on the network grew by two thirds in 2021.

“Fees on the Lightning Network are much lower, typically costing a fraction of a cent. For merchants, this means customers pay less when using crypto and they have access to a new fast growing base of customers who prefer to pay using the Lightning Network. For customers, paying with crypto is as efficient as any other payment method. Payments become more economical with the Lightning Network,” BitPay said.

BitPay facilitates the acceptance of cryptocurrencies by monitoring, validating, and confirming client transactions on each blockchain. On the merchant side, Bitpay allows clients to settle in Bitcoin, Ethereum and Bitcoin Cash, and has recently added options to settle in multiple stablecoins.

BitPay allows users to purchase cryptocurrency directly in the App with bank cards thanks to a partnership with payment provider Simplex. In total, it currently supports 12 cryptocurrencies including BTC, BCH, DOGE, ETH, LTC, WBTC, XRP and stablecoins BUSD, DAI, GUSD, PAX and USDC.

Read this next

Institutional FX

CLS FX volume continues downward trend in August

Total daily traded volume submitted to CLS for settlement took yet another step back in August.

Digital Assets

Huobi taps AstroPay to facilitate fiat-to-crypto payment in Latin America

Huobi, the world’s sixth-largest crypto exchange by trading volume, has recently partnered with payment solution provider AstroPay to launch local currency account deposits and withdrawals in Latin America.

Digital Assets

Crypto exchange FTX to raise $1 billion at flat valuation of $32 billion

FTX is reportedly in discussions with a clutch of heavyweights from traditional finance to raise up to $1 billion in fresh funding to fuel more deal-making.

Digital Assets

Revolut US launches trading on Avalanche, Solana, and Dogecoin

British fintech and banking firm Revolut has further expanded its cryptocurrency offering in the US with the addition of 29 new tokens.

Digital Assets

Bahrain greenlights eazyPay to launch Binance Pay

The Central Bank of Bahrain has blessed a new partnership inked by Binance with Eazy Financial Services ‘eazyPay’, a local POS and online payment service provider. The greenlight enables EazyPayto to launch Bitcoin and cryptocurrency payments in the region.

Digital Assets

Coinbase approved to offer crypto for Dutch users

Nasdaq-listed crypto exchange operator Coinbase has been handed regulatory approval to operate as a crypto service provider in the Netherlands.

Metaverse Gaming NFT

AC Milan partners with Solana-based NFT football game MonkeyLeague

“Partnering with champions like AC Milan, an absolute iconic Club throughout footballs history, is another testament to what we are building and where we are headed as a game and game studio. It also represents a key step in our plans to bridge the Web2 and Web3 worlds.”

Digital Assets

Shariah-compliant Islamic Coin to support SDG-compliant ventures, green projects, and philanthropy

Shariah-compliant Islamic Coin has recently launched a collaboration with the World Green Growth Organization and the International Youth Conference 6, taking place on September 22-25th and September 30th-October 1st, 2022, in New York. 

Market News

Week ahead: US core PCE and eurozone CPI 

We heard from a range of central banks last week and the update sparked big moves in the markets, and the bulk of the volatility was in currencies.

<