Paxful, the global peer-to-peer fintech platform, announced its global integration on the Lightning Network yesterday, as per a release shared with CryptoSlate. The app allows people to buy and sell Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) with almost 400 different payment methods.
“Bitcoin is hands down the best financial option for the people who really drive economies forward. But in order for it to succeed and usher in global adoption, we need to overcome the issue of scale,” noted Ray Youssef, CEO, and co-founder of Paxful, in a statement.
He further explained, “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. Consumers, businesses, and even banks are looking for a way to connect the world together and we fully anticipate Lightning to deliver.”
How Lightning works on Paxful
Over seven million Paxful users will now be able to leverage the power of the Lightning Network, a system built on top of the Bitcoin (BTC) network. The Lightning Network allows users to transfer Bitcoin in a matter of seconds with much lower fees.
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 new feature blends into Paxful’s platform and enables the company to keep user fees lower than traditional Bitcoin transactions.
When users send or receive Bitcoin through the Lightning Network with their Paxful Wallet, their Bitcoin balance is used the same way as if they would transfer it on the Bitcoin network. All transactions are processed in seconds and Paxful users can utilize the Lightning Network for both transactions with other individuals and pay for goods or services.
Elizabeth Stark, CEO and co-founder of Lightning Labs, shared the sentiment, “Bitcoin levels the playing field for people around the world, and emerging markets are leading the charge with adoption.”
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