BitPay Enables Support for Bitcoin Lightning Network Payments
Cryptocurrency payment services provider BitPay announces immediate support for Bitcoin Lightning Network payments through its Payment Processing Platform.
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BitPay merchants can now receive payments from Lightning-enabled wallets like Square’s CashApp and rapidly growing Strike, in addition to cryptocurrency payments from over one hundred of the most popular crypto wallets.
Consumers now have a low-cost alternative when paying with Bitcoin at a BitPay-enabled merchant.
“BitPay’s integration with the Lightning Network offers customers more choice and merchants more ways to be paid leveraging blockchain technology.”Tony Gallippi, BitPay’s Co-founder
As a result of the integration, BitPay merchants and their customers will be able to complete cost-effective bitcoin transactions with lower fees.
The combination of payments made through the main Bitcoin blockchain and through the Lightning Network results in an overall better payment experience that is fast, low cost and scalable.
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 merchants do not need to make any changes or adjustments in order to accept Lightning payments.
Their customers will have the option to make payments from any Lightning Network supported wallet. BitPay’s wallet app has not yet enabled the Lightning network.
BitPay was founded in 2011 and has pioneered blockchain payment processing. The company’s mission is to transform how businesses and people send, receive, and store money using cryptocurrencies.
Its business solutions eliminate fraud chargebacks, reduce the cost of payment processing, and enable borderless payments in cryptocurrency, among other services.
The company is headquartered in Alpharetta, Georgia, a suburb of Atlanta.
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Editorial Note: This post is from a Company Press Release and may have been modified for clarity.