The popular online merchant processor CoinGate has announced that they will be implementing the Lightning Network protocol into their platform. This is great news for business owners looking to accept cryptocurrencies in the future. CoinGate was one of the first platforms to implement the SegWit protocol and with this latest announcement; they are keeping in line with their commitment to their clients.
The Lithuanian-based merchant processor already accepts over 50 different cryptocurrencies and this latest addition is sure to further the platforms standing amongst the cryptocommunity. The announcement was made earlier this month via CoinGate’s Reddit. In the announcement the team discussed the importance of their decision and how they see the Lightning Network as the biggest development in the BTC community.
While the overall tone of the post was excitement, there was still a warning to users regarding the Lightning Network’s current state. The Lightning Network is still in its Beta testing stages and the developers from CoinGate explained that users should not send large amounts until the protocol has completed a thorough testing stage within the platform.
Try For Yourself
CoinGate has built an interactive portal where users can purchase a cup of virtual coffee using the Lightning Network. This was created to gather helpful feedback on the implementation that could prove to be one of the best moves CoinGate has made thus far.
Lightning Strikes Again
The Lightning Network is an off-chain scaling solution that allows BTC users to send and receive BTC payments for a fraction of the current fees. This is accomplished through the use of private payment portals. A user can create a direct payment portal with another party and then send and receive as many transactions as they desire. The data isn’t sent to the BTC blockchain until the portal has been closed.
CoinGate was established in 2015 with the goal of providing merchants and easier way of accepting cryptocurrency payments. CoinGate provides its merchants with the ability to receive their payments in BTC, EUR, or USD. This eliminates any loss of funds due to BTC volatility and allows merchants to utilize their processing platform without fear.
CoinGate is best known for their e-commerce plugins that include Magento, Magento2, OpenCart, osCommerce, PrestaShop, and VirtueMart – to name a few. These modules are becoming more popular every day and the addition of the Lightning Network can only further the demand for these payment portals in the coming months. Especially as the LN protocol completes the Beta testing stage.
Point of Sale Systems
CoinGate offers merchants the ability to transform their Apple or Android device into a crypto-capable POS. This allows merchants to accept crypto right in person, no matter where they are. Phone-based POSs are extremely popular due to their flexibility and this product has already seen considerable use in the market.
Lightning Fast Payments are Coming
While CoinGate is one of the first merchant processors to add support for the Lightning Network, you can bet that they won’t be the last. The LN continues to see record adoption across the entire cryptocommunity. People truly believe in this revolutionary protocol that promises to restore “lightning” fast payments to BTC users globally.
What do you guys think? Is CoinGate taking the next step towards success? Let us know in the comments below.