Bitpay, one of the biggest crypto payment platforms globally, announced that it had integrated Bitcoin payments into Lightning Network. Pacsum, a youth-focused retail clothing brand, became the first to adopt Bitpay to accept Lightning Network payments.
Pacsun First to Accept Lightning Payments after Bitpay adds Lightning Network Support
Bitpay has started accepting payment through Lightning Network (LN) to allow BTC users to pay using the crypto’s second layer network. Prior to adding the Lightning Network payment, Bitpay only supported BTC through onchain, alongside other cryptos, such as Ethereum, Shiba Inu, XRP, and other selected stablecoins. Now, you can use the Lightning Network with crypto wallets such as Strike and Cashapp.
According to the announcements released to newsrooms, consumers now have a low-cost alternative when making BTC payments in a Bitpay-enabled merchant. The news report indicated that merchants do not need to charge clients anything to process payments on the lightning network. All that a customer needs to do is select from a list of more than 10 Lightning Network-enabled wallets on its system.
Pacsun first demonstrated that it was going to support 11 cryptos via Bitpay in October 2021. Back then, the fashion merchant indicated there was high demand from clients who wanted to make payments via alternative methods. Mike Relich, the co-CEO at Pacsun, explained that the fashion brand was very excited to be part of the Bitpay partners.
Lightning Network was created by Thaddeus Dryja and Joseph Poon in 2015, and it runs as a layer two payment protocol. It comes with major advantages and a few limitations. Major pros include granularity, atomic swaps, high speed, and privacy. At the time of writing this post, L2 routing networks had the capacity of USD164 million total value locked (TVL).
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