BitPay Now Supports Lightning Network to Make Bitcoin Payment More Efficient

BitPay Now Supports Lightning Network

Bitcoin payment service BitPay now supports the Lightning Network, allowing merchants to accept payments from Lightning wallets and enabling more cost-effective, cheaper bitcoin transactions via the Layer 2 protocol.

“BitPay merchants can now receive payments from Lighting-enabled wallets like Cash App and Strike,” per a press release shared with Bitcoin Magazine. “Consumers now have a low-cost alternative when paying with bitcoin at a BitPay-enabled merchant.”

BitPay has been a bitcoin payment processor for merchants since 2011, making it one of the industry’s earliest companies. With this feature enabled, users may use Lighting to pay for goods and services from a wide range of merchants who accept bitcoin payments through BitPay, a network that reaches hundreds of millions of users in more than 200 countries across the world.

“PacSun is excited to be one of the first BitPay partners to accept bitcoin payments using the Lighting Network,” said Michael Relich, the co-CEO of the retail clothing brand, according to the release. “The Bitcoin Lightning Network provides our customers with instant payments and exceptionally low network fees, and creates more opportunity for all holders of bitcoin to shop online.”

Bitcoin developer Lightning Labs raised $70 million from early investors in Tesla and SpaceX to help turn the first major blockchain into a network capable of transacting trillions of dollars in volume annually, making it a competitor to the likes of Visa.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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