Home CryptoCurrency News Bitcoin News Bitcoin Suisse Integrates Lightning Network to Its Crypto Payment Processor

Bitcoin Suisse Integrates Lightning Network to Its Crypto Payment Processor

Bitcoin Suisse has integrated Bitcoin Lightning technology to its crypto payment processor to enable instant transactions at lower fees for consumers as well as its merchant partners.

Bitcoin Suisse announced the news in a press release on Wednesday, November 10. According to the announcement, with this integration, Bitcoin Suisse has become the first Swiss crypto payment processor to enable Bitcoin Lightning payments for its clients.

Bitcoin Suisse, founded in 2013, is Switzerland’s leading crypto-financial service provider. The company offers many crypto related services including buying and selling of cryptocurrencies, staking, custody services, brokerage services, tokenization, and a Swiss Franc-backed CryptoFranc (XCHF) stablecoin.

The crypto payment services are provided through Bitcoin Suisse Pay application that merchants can use to accept any cryptocurrency from their customer. Businesses can also integrate Bitcoin Suisse Pay into their Webshop’s payment processor via an API.

Lightning Network (LN) is a layer-2 scaling for the Bitcoin network that uses smart contract functionality to process small value transactions at high speeds and eliminating high blockchain fees.

With Lightning network integrated with Bitcoin Suisse Pay, merchants working with Bitcoin Suisse and its partner Wordline, a 1970-founded European leader in the payments and transactional services industry with 1 million merchant partners and 35 million PoS terminals, will now be able to accept transactions made via the Lightning Network with near instant settlement and lower fees.

The company said that with its partner Wordline, it aimed to become the largest crypto payment processor and to promote the broader adoption of crypto technology in Europe. The Bitcoin Lightning tech will help it cause.

Armin Schmid, Head of Bitcoin Suisse Pay, said:

“Lightning transactions enable higher throughput per second at the price of a fraction of a cent – making them a game-changing innovation for crypto applications. Lightning transactions will thus play a vital role in scaling crypto applications and driving their transition to a mainstream application.”

Niklas Nikolajsen, Founder and Chairman of Bitcoin Suisse, commented:

“Secondary layer solutions like Lightning add important use cases to on-chain transactions and are crucial to scaling blockchain solutions. We will look into adding lightning support to additional services we provide at Bitcoin Suisse. We expect that other crypto financial institutions will offer this innovative technology to drive crypto adoption further beyond.”

The Lightning Network has seen a huge growth in 2021 and it has recently surpassed 80,000 channels. As Crypto Economy reported, Twitter has incorporated Lightning Network to its tipping function.

Latin American real estate leader La Haus has also recently announced that it will accept Bitcoin as payment for homes. These payments will be powered by crypto payment processor OpenNode that also uses Lightning technology.

Atiq Ur Rehman
Electronics Engineer with a passion to write about Disrupting Technologies like Blockchain. He joined Crypto-Economy in July 2019.
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