Coingate, a leading cryptocurrency payment platform, has now adopted Litecoin's Lightning network to process cryptocurrency payments on its platform.
The long-awaited development was announced by Surfshark, a VPN provider, which became the first company to accept LTC payments on Lightning Network on 17 January. Developed to provide users with a much cheaper, faster and more seamless payment system than cryptocurrency payments, Coingate is optimistic that more and more companies will soon follow the example and use the Lightning network.
Litecoin's Lightning network also promises a solution for a sector that has often struggled with the issue of scalability and the ability to handle high volume transactions. In 2018, it was tested by over 4,000 merchants for cryptocurrency transactions and received an extremely positive response.
According to Veronika Mishura, Coingate's Marketing Manager, the LN will also encourage the wider use of Litecoin and other cryptocurrencies due to price reductions. Mishura said:
"VPNs are, to be honest, one of the most used services by crypto-enthusiasts (what we see from our data.) However, due to the rather low price, it is usually a no-win to be paid with Bitcoin or Litecoin; and that's exactly what Lightning is supposed to solve – that's what we're trying to show – paying even for low-priced products should be possible, cheap and cheap using cryptocurrency. "
Furthermore, it would seem that Surfshark is only the beginning. As announced in December, Coingate plans to introduce 1,000 merchants, who will accept all Litecoin payments through the Lightning network. Coingate already boasts over 4,000 merchants worldwide who accept Bitcoin.
Even Litecoin will soon have more than 1000 merchants accepting LN payments! 🚀 Thank you @CoinGatecom!
– Charlie Lee [LTC⚡] (@SatoshiLite) December 13, 2018
The introduction by Coingate of the LN and the imminent adoption by traders all over the world are required to have a wider adoption of cryptocurrency as a means of exchange between online users.
Subscribe to the AMBCrypto newsletter