Bitpay is one of largest cryptocurrency payment networks in the globe. On April 6, Bitpay announced that Bitpay’s Atlanta-based business has integrated bitcoin payments using the Lightning Network. The announcement made Wednesday by Bitpay stated that Pacific Sunwear, a youth-oriented American clothing retailer (Pacsun), will become the first merchant to use Bitpay to receive Lightning Network payments.
Payment Platform Bitpay Adds Lightning Network Support, Pacsun Accepts Lightning Payments
Bitpay is now allowing bitcoin payments via the Lightning Network (LN) in order to allow bitcoin users to pay using the crypto asset’s second layer network. Bitpay used to accept bitcoin (BTC), along with bitcoin cash and ethereum via onchain. Bitpay also accepted shiba Inu, wrapped bitcoin, and other stablecoins. Bitpay states that users and merchants now have access to the LN payment rail via wallets like Cashapp, Strike and XRP.
“Consumers now have a low-cost alternative when paying with Bitcoin at a Bitpay-enabled merchant,” the company said on Wednesday. According to the announcement sent to Bitcoin.com News, merchants don’t need to change anything to accept LN payments. According to the Atlanta-based cryptocurrency payments company, customers can choose between over 100 LN enabled wallets.
“Bitpay’s integration with the Lightning Network offers customers more choice and merchants more ways to be paid leveraging blockchain technology,” Tony Gallippi, Bitpay’s co-founder, explained in a statement. Bitpay announced that Pacsun, a youth-focused retailer of clothing brands will become the first to accept LN payments through the integration.
Pacsun revealed that Bitpay would allow it to accept 11 different crypto assets on October 5, 2021. At the time, Pacsun said it witnessed a demand for alternative payments as it saw an “increasing desire towards cryptocurrency.” Mike Relich, the co-CEO of Pacsun, explained that the company was “excited to be one of the first Bitpay partners to accept bitcoin payments using the Lightning Network.” Relich added:
Lightning Network [support]Pacsun offers instant payment to our customers and extremely low network fees. This gives all bitcoin holders more opportunities to shop online at Pacsun.
Joseph Poon, Thaddeus Rainja and Thaddeus Weir created the Lightning Network in February 2015. There are both benefits and limitations to the L2 network. The Lightning Network was created by Joseph Poon and Thaddeus Dryja in February 2015. At the time of writing, the L2 routing network’s capacity is $164.6 million total value locked (TVL) or roughly 3,700 BTC.
How do you feel about Bitpay adding Lightning Network support to its platform? Comment below and let us know how you feel about the subject.
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