Calling all Bitcoin (BTC) proponents! Lightning network based payments are coming to the Bitcoin world, courtesy the partnership of the Bitfury Group with the business payments processor, HadePay. The lightning network based Bitcoin payments will be available to merchants in the United States, Canada and the EU.
According to the announcement made by Bitfury on Thursday, the group has integrated its web-based lightning network, Peach Merchant API (application programming interface) with the platform of HadePay, thus allowing businesses to accept payments over the lightning network. This entire step is a direction in improving the efficiency of Bitcoin transactions, as well as lowering their costs.
After every payment is made, merchants will have the luxury to immediately convert Bitcoins into other currency through HadePays platform, explained Bitfury in the report.
By bringing the Lightning Network to HadePay’s payment processing platform, we are making it easier for businesses across the United States to accept bitcoin payments
Said Pavel Prikhodko, who serves as the head of Lightening Peach, which is Bitfury’s dedicated team of lightning network developers.
Furthermore, Bitfury added that Bitcoin payments via HadePay are currently available in all of the 50 U.S. states.
Since HadePay runs on a hybrid model it can process both fiat and blockchain payments. Moreover, merchants have the luxury to accept payments through PayPal, Apple Pay, Square and more, via HadePay’s platform.
Bitcoin has always been a good low-cost alternative to fiat payments, but with this integration Bitcoin payments are now equally convenient as our fiat payment processing services, thereby paving the way for mass adoption in commerce
Said the CEO and founder of HadePay, Brian Nichols.
Additionally, it should be noted that the lightning network, which is basically a second-layer scalability protocol that operates on top of the Bitcoin blockchain, is still very much a beta project. Thus there are some risks that come with its use. Despite that, its several iterations continue to develop and see support from the community.
Even some of the biggest names of the industry have been supporting the technology in an ongoing experiment called the Lightning Torch, with financial services giant Fidelity Investment, LinkedIn co-founder Reid Hoffman and Twitter and Square CEO Jack Dorsey all recently taking part.
For further updates stay tuned to BlockPublisher.