Bitcoin Suisse enables Lightning Network Payments
Bitcoin Suisse will use the Lightning Network to make Bitcoin (BTC) transactions cheaper and faster. It will be the first crypto payment processor in Switzerland to integrate the technology, according to a press release on Tuesday.
Armin Schmid, Head of Bitcoin Suisse Pay, praised the decision and stated that Lightning transactions will play an important role in expanding crypto applications and mass adoption.
“Flash transactions enable higher throughput per second at a fraction of the price – making it a game-changing innovation for crypto applications.”
With the introduction of this cutting-edge second-layer Bitcoin technology, consumers and merchants using Bitcoin Suisse and Worldline can execute transactions faster and at lower blockchain costs. The announcement added that the decision was an important step in Bitcoin Suisse’s efforts to “promote the wider adoption of cryptocurrency technology.”
Lightning Network is a decentralized network built on top of the second layer of Bitcoin that uses smart contract technology to build a secure network and enable low value transactions with higher speed and lower cost. In 2015, Joseph Poon and Thaddeus Dryja proposed the Lightning Network protocol to solve Bitcoin’s scalability problem.
Worldline, the European partner of Bitcoin Suisse, will be able to process transactions made via the Lightning Network. As a result, customers and merchants benefit from the simplicity of cryptocurrency transactions due to the Lightning Network integration.
The Lightning Network has grown in prominence in recent weeks as Twitter has used it to raise funds, along with the network’s nationwide rollout in El Salvador.
As Cointelegraph reports, the total capacity of the Lightning Network “grew explosively” in 2021. In September, the network’s capacity reached an all-time high of 2,904 BTC, an increase of 170% since January as Switzerland’s largest crypto broker started it up.