Bitpay, one of the world’s major cryptocurrency payment providers, has announced that the Lightning Network has been integrated with bitcoin payments. Pacific Sunwear (Pacsun), a youth-targeted American retail clothing business, will be the first merchant to use Bitpay to accept Lightning Network payments.
Paying Platforms Bitpay and Pacsun Accept Lightning Network payments
Bitpay has added the LightningNetwork (LN) to its bitcoin payment options, allowing customers to pay with the crypto asset’s second layer network. Bitpay accepted Bitcoin (BTC), Bitcoin cash, Ethereum, Wrapped Bitcoin, Shiba Inu, XRP, and a bevy of stablecoins via on-chain before introducing LN payments. Users and merchants can now use the LN payment rail with wallets like Cashapp and Strike, according to Bitpay.
When purchasing with Bitcoin at a Bitpay-enabled merchant, customers now have a low-cost option,” the company announced on Wednesday. Merchants do not need to make any changes to accept LN payments. Customers will be able to choose from over 100 LN-enabled wallets, according to the Atlanta-based crypto payments company.
Bitpay’s connection with the Lightning Network “gives customers more options and merchants more methods to be paid using blockchain technology,” according to Tony Gallippi, co-founder of Bitpay. In addition to the LN functionality, Bitpay announced that Pacsun, a youth-oriented retail clothing brand, will be the first merchant to accept LN payments through the integration.
Pacsun first announced on October 5, 2021, that it would take 11 crypto assets through Bitpay. Pacsun noted at the time that it was seeing a “growing desire towards cryptocurrency” as a result of the demand for alternative payments. Pacsun’s co-CEO Mike Relich expressed his excitement to be “one of the first Bitpay partners to accept bitcoin payments via the Lightning Network.” Relich continued:
The Lightning Network [support] allows all bitcoin holders to shop online at Pacsun and enables quick payments and extremely reduced network fees to our consumers.
In February 2015, Joseph Poon and Thaddeus Dryja established the Lightning-Network, a layer two (L2) payment system. The L2 network has both advantages and disadvantages, with atomic swaps, granularity enhancement, speed, and privacy among the advantages. The capacity of the L2 routing network is $164.6 million in total value locked (TVL), or around 3,700 BTC, at the time of writing.
Also Read: Bitcoin Lightning Network Channel Reach A New All-Time High, Grows Continuously
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