The Swiss-based company announced that they will enable support for off-chain Lightning Network payments. The announcement was made in an interview with Bitcoin Magazine, saying the company is adapting to changing times and exploring new technology like blockchain.
The “bitcoin lightning network wallet” is a service that allows users to make Lightning Network payments. A new partnership between Bitcoin Suisse and the Lightning Labs team has made this possible.
The Lightning Network will be used by Bitcoin Suisse to make Bitcoin (BTC) transactions both cheaper and quicker. According to a press statement issued on Tuesday, it will be the first bitcoin payment processor in Switzerland to use the technology.
The move was hailed by Armin Schmid, the CEO of Bitcoin Suisse Pay, who noted that Lightning transactions would help scale crypto applications and drive widespread usage.
“Lightning transactions provide faster throughput per second for a fraction of a penny, making them a game-changing breakthrough for crypto applications,” says the company.
Consumers and merchants utilizing Bitcoin Suisse and Worldline will be able to conduct quicker transactions with reduced blockchain fees thanks to the debut of this cutting-edge second-layer Bitcoin technology. The move is also a big step forward in Bitcoin Suisse’s attempts to “encourage the wider usage of crypto technology,” according to the release.
The Lightning Network is a decentralized network based on Bitcoin’s second layer that uses smart contract technology to create a secure network and enable small-value transactions to be completed quicker and at reduced prices. In an attempt to overcome Bitcoin’s scalability problem, Joseph Poon and Thaddeus Dryja introduced the Lightning Network protocol in 2015.
The European equivalent of Bitcoin Suisse, Worldline, will be able to conduct Lightning Network transactions. As a consequence of the Lightning Network integration, consumers and merchants will benefit from the convenience of crypto transactions.
The Lightning Network has gotten a lot of attention lately, both to Twitter’s usage of it for tipping and the network’s statewide launch in El Salvador.
According to Cointelegraph, the Lightning Network’s overall capacity has witnessed “rapid increase” in 2021. The network’s capacity hit an all-time high of 2,904 BTC in September, a 170 percent increase from January. The network’s capacity is set to grow much more now that Switzerland’s largest bitcoin broker has joined it.
Bitcoin Suisse is a company that has announced its intention to enable Lightning Network payments. The company will be using the Bitcoin Lightning Network to process transactions. This will allow for lower fees and faster processing times. Reference: lightning network coins.
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