The global integration will serve over seven million Paxful users, permitting them to transfer bitcoin surprisingly fast with much lower fees, according to a company statement released on Tuesday. Peer-to-peer computerized asset marketplace Paxful has integrated the Lightning Network, a layer 2 payment item based on top of the Bitcoin blockchain.
Lightning Integration to Allow Customers on Paxful to Send BTC
Lightning integration will permit Paxful users to send the largest cryptocurrency, bitcoin (BTC) to other Lightning wallets or exchanges, the company stated. No special conversion will be required as Paxful users have a universal BTC balance which can be used for both Bitcoin and Lightning network transfers.
As far as possible for each Lightning transaction will be capped at $750, for the time being. We’re utilizing this release as an opportunity to develop new technology and we need to ensure our customers have the best likelihood of having a flawless experience, while we’re further understanding the effect of Lightning, said Kristina Bannan, associate director of public relations at Paxful.
Paxful Doubled its Size in the latest Year
Founded in 2015, Paxful doubled its size over the most recent a year, reaching a 400 employees team, the company informed. In August, the Lightning Network surpassed 25,000 active nodes interestingly, after multiplying its development in recent months.
In June, Paxful launched an e-commerce tool to permit businesses worldwide to receive bitcoin payments, exchanging customers’ payments from over 400 different methods into bitcoin, which is then sent to the merchant’s computerized wallets.
The business’ greatest chance of Bitcoin scalability is through Lightning, which makes micropayments exceedingly cheaper and faster. Purchasing a coffee with Bitcoin will presently be a realistic alternative, Ray Youssef, CEO and co-founder of Paxful, said in a statement.
