According to a press release shared with ULTCOIN365, Paxful, the global peer-to-peer fintech platform, announced its global integration on the Lightning Network yesterday. People can use the app to buy and sell Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) using nearly 400 different payment methods.
“Bitcoin is without a doubt the best financial option for the people who propel economies forward. However, in order for it to succeed and spread globally, we must overcome the issue of scale,” said Ray Youssef, CEO and co-founder of Paxful, in a statement.
He went on to say, “The industry’s best chance of Bitcoin scalability is through Lightning, which makes micropayments extremely cheap and fast.” Buying a cup of coffee with Bitcoin is now a viable option. Consumers, businesses, and even banks are looking for a way to connect the world, and we are confident that Lightning will deliver.”
On Paxful, how does Lightning work?
Over seven million Paxful users will now have access to the Lightning Network, a system built on top of the Bitcoin (BTC) network. The Lightning Network enables users to send Bitcoin in a matter of seconds while paying much lower fees.
The new feature integrates into Paxful’s platform, allowing the company to keep user fees lower than with traditional Bitcoin transactions.
When users use their Paxful Wallet to send or receive Bitcoin via the Lightning Network, their Bitcoin balance is used in the same way that it would be transferred on the Bitcoin network. All transactions are completed in seconds, and Paxful users can use the Lightning Network to conduct transactions with other people as well as pay for goods or services.
“Bitcoin levels the playing field for people all over the world, and emerging markets are leading the charge with adoption,” said Elizabeth Stark, CEO and co-founder of Lightning Labs.