Lithuanian crypto payment processing service CoinGate has begun testing the Lightning Network for Litecoin (LTC) payments.
Litecoin Lightning Network Integration
Veronica Mishura, Marketing Manager at CoinGate, notes that at present, approximately 10% of the platform's turnover comes from Litecoin. The company believes that the integration of the Litecoin Lightning Network, which currently has over 100 nodes, will increase the incentive to use digital currency due to reduced fees. “To be honest, according to the data, VPN is the service that is popular with crypto enthusiasts. However, due to the relatively low price, paying for it in Bitcoin or Litecoin is usually not profitable. This is exactly what the Lightning Network technology is supposed to solve. We are trying to demonstrate that you can pay for even inexpensive products using cryptocurrency - it can be both convenient and inexpensive. "
First customers supporting the initiative
The first merchant to use the Litecoin Lihtning Network will be VPN provider Surfshark. Mishura notes that the company hopes that all 4,500 merchants it partners with will be interested in integrating the Lightning Network to reduce costs.
Note that initially the Lightning Network technology was presented as a solution to the problem of Bitcoin scalability, but recently the developers have been actively involved in adapting it for Litecoin. The Lightning Network uses payment channels to settle transactions outside the blockchain, as opposed to traditional BTC and LTC transactions. CoinGate is mainly focused on providing services in the European market. CoinGate allows people to buy and sell cryptocurrencies for fiat money while offering access to a payment platform.