Great news for Lightning Network users as the Korona Cryptobank has announced that their platform will be implementing the Lightning Network protocol. The Korona Cryptobank is a full-scale crypto merchant processing portal that any business can use to offer their products in exchange for crypto. Implementing the Lightning Network on this platform allows any business to take advantage of the low fees and faster transaction times the LN protocol affords users.
Korona Cryptobank is based out of Switzerland and is fully compliant with both Swiss and EU regulations. This platform is seeking to tap into the $2.3 trillion e-commerce market through the use of their crypto payment portal. Company executives were quoted discussing the expected growth in this sector and how the current crypto craze is being fueled by a need for greater efficiency in the market.
The Hungarian design team behind the platform is led by Jean-Marc Stiegemeier. This former Wall Street financial advisor is no stranger to the market and he has used his experience to guide this project towards completion.
The Crypto Train
A recent study published by the University of Cambridge discovered that there are around 35 million active cryptocurrency wallets currently in use. These numbers are growing at an impressive rate as people continue to discover the benefits offered by blockchain technology.
The Korona Ecosystem will consist of a combination of unique features that will allow users to become fully immersed in the decentralized economy. Furthermore, Korona’s API protocol will be available to the public for free to further increase crypto adoption among businesses. Below are the three main components that will make up this unique platform.
The Korona Marketplace is one of the first Lightning Network e-commerce markets to be unveiled. This marketplace will allow users from around the globe to easily upload their product details and start selling their merchandise immediately. The marketplace will provide a central hub for Lightning Network users looking to spend BTC on their next shopping adventure.
Users will be able to extend their product sales to their own websites via the merchant processing portal. After adding this protocol to their current web stores, businesses and individuals can start accepting Lightning Network payments with ease. This should further facilitate growth in the cryptomarket as now anyone can enjoy the advantages the LN brings to the table.
The Korona Cryptobank will also provide users with the ability to trade cryptocurrencies via an integrated exchange. This exchange will be one of the first exchanges to utilize the Lightning Network protocol to increase efficiency.
Korona Crypto Tax
The Korona platform is unique in the fact that it will offer users valuable tax services that will be integrated directly into the system. Crypto taxes are confusing to many and due to the constantly changing regulatory conditions of the market; this feature is extremely valuable for businesses looking to offer their products in the decentralized economy.
A Refreshing Korona
The Korona platform is providing real business solutions to the digital economy. This platform could be exactly what the industry needs to push the Lightning Network’s adoption ahead. The Korona ecosystem is scheduled to be operational by Q4 of this year and anticipation is building; following their successful ICO held last month. Hopefully, this platform can help to bridge the merchant processing gap and provide Lightning Network users with more options in the marketplace.
What do you guys think? Is the Korona Marketplace the answer to Lighting Network adoption? Let us know in the comments below.