Peer-to-peer digital asset marketplace Paxful has adapted the Lightning Network, a layer 2 payment product built on top of the Bitcoin blockchain.
Serving over seven million Paxful users, the global integration will enable them to transfer Bitcoin “in a matter of seconds with much lower fees.” This according to a statement the firm released on Tuesday.
Ray Youssef, CEO and co-founder of Paxful, said in the statement:
“The industry’s greatest chance of Bitcoin scalability is through Lightning, which makes micropayments exceedingly cheaper and faster. Buying a coffee with Bitcoin will now be a realistic option.”
The Lightning Network is officially on Paxful Brace yourself because #Bitcoin transfers are speedier and cheaper than ever before.
— Paxful (@paxful) September 14, 2021
The integration of Lightning will allow Paxful users to send Bitcoin to other Lightning wallets or exchanges, the company confirmed. There will be no special conversion required as Paxful users universal Bitcoin balance can be used for both Bitcoin and Lightning network transfers.
For the time being, there is a limit of $750 for each Lightning transaction. According to Kristina Bannan, associate director of public relations at Paxful, this is until it is proven and tested:
“We’re using this release as an opportunity to develop new technology, and we want to ensure our customers have the best probability of having a flawless experience, while we’re further understanding the impact of Lightning.”
Already in June of this year, Paxful launched an e-commerce tool to allow businesses worldwide to receive bitcoin payments and exchange customers’ payments from over 400 different methods into bitcoin to be sent to the merchant’s digital wallets.
The Lightning Network is seeing impressive adaption in the past months, doubling its growth. It has just surpassed 25,000 active nodes for the first time in August.
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