BitPay Adds Support for Lightning Network Payments

BitPay Adds Lightning Support

BitPay co-founder Tony Gallippi announced the integration of Lightning Network at this week’s Bitcoin 2022 conference in Miami.

A press release by BitPay states that merchants who use BitPay are now able to receive Lightning-enabled payments such as Strike and Cash App.

BitPay stated that Lightning Network can support Bitcoin and Litecoin.

Merchants won’t need to do any extra steps to enable Lightning Network support. Customers will have the option to make payment with a Lightning-enabled bank account when making a purchase.

Lightning Network reduces fees by settling Bitcoin transactions off the chain. BitPay noted that fees on the Lightning Network are typically under one cent (whereas Bitcoin’s average transaction fee is currently $1.72).

PacSun, an California clothing and footwear manufacturer, will be among the first to receive BitPay Lightning payments.

Lightning Supported by Other Platforms

BitPay claims to have the largest crypto payment processor. According to reports, BitPay handles $1 billion worth of transactions annually.

This makes it the most popular platform to integrate Lightning, although other payment processors may have integrated Lightning Network over time.

Coingate was the first payment processor to add Lightning Network in 2018, Swiss processor Bitcoin Suisse also integrated the technology in 2021, while Jack Dorsey’s Cash App announced the addition of Lightning Network in January 2022.

Others have added support for Lightning Network to their websites, such as Substacks, Chainalysis and Bitfinex.

Today’s news comes just one day after Lightning Labs announced a new protocol called Taro to bring stablecoins to Lightning.

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