The popular payment processor Coingate integrated full Lightning Network support this week, much to the praise of the cryptocommunity. Now Lightning Network users can spend Bitcoin at over 4,000 new merchants worldwide, including Chronoswiss, Livejasmine, and Lois Chevrolet. The move signals increased Bitcoin adoption in the coming months.
Coingate initially only allowed one hundred merchants to try the Lightning Network program. This small-scale adoption allowed the developers to trial the Lightning Network before they chose to integrate their entire customer base. Coingate even guarantees the Lightning Network funds to all of their merchants.
Even though the Lightning Network is still in its Beta testing stages, Coingate never had to issue a single refund. All transactions completed as planned and without error. This excellent success rate showcases the true capabilities of the Lightning Network.
Lithuanian-based Coingate entered the market in 2015 as a cryptocurrency payment gateway platform. The firm offers e-commerce plugins and integrated API that allow anyone to accept cryptocurrency in minutes. Coingate provides an impressive array of plugins including Magento, Magento2, OpenCart, Prestashop, and WooCommerce, just to name a few.
Coingate provides a custom API client that gives businesses extended functionalities. These added features include the ability to create orders, get order lists, and receive payment callbacks. Developers can test integration using the platforms fully-functioning Sandbox environment.
Coingate offers POS system apps for both Android and Apple OS operating systems. The systems are easy to set up, and they can take your business mobile. There is even a point of sale web portal that a business can utilize, if they are not around their mobile devices. The only requirement is an internet connection.
The company’s goal was to create a simple way for any retailer to accept Bitcoin. Currently, their customers accept over fifty different cryptocurrencies including the Lightning Network. Additionally, the platform allows users to take their payments in Bitcoin, USD, or Euros. This strategy buffers merchants from any volatility in the market.
Users can also buy Bitcoin directly from the platform using their credit or debit cards. This feature places the processor in the unique fiat-to-crypto category. This category is crucial to further large-scale crypto adoption. By Coingate allowing their users to both buy and sell Bitcoin directly in the platform, they are creating a bridge to new crypto users.
Speeding Up Adoption
Bitcoin adoption continues to increase alongside the development of the Lighting Network. Every week, new Lightning Network Apps (Lapps) enter the cryptospace. Even the smartphone manufacturer, HTC, announced that their first blockchain phone includes Lightning Network Support.
The Lightning Network creates off-chain personal payment channels to reduce congestion on the Bitcoin Blockchain. These channels can facilitate unlimited payments between users. The transactional data isn’t sent to the blockchain until the channel closes.
The Right Move
Coingate pioneered the Lightning Network while other payment processors stood by. Now, the firm cements its position as a leader in the cryptocurrency payments sector. This latest maneuver boost both the Lighting Network and Coingate to new levels.