Bitfury Group announced its collaboration with HadePay to implement lightning network-based bitcoin payments to merchants from the U.S., Canada, and the EU.
On Monday, the Bitfury Group announced the integration of its web-based lightning network Peach Merchant API (application programming interface) via its partnership with HadePay’s platform. This will enable businesses to support payments bitcoin transactions over the lightning network and to improve “the efficiency and lowering the costs”.
According to Bitfury, after the payment is confirmed, merchants can instantly exchange their bitcoins into another currency by using HadePay’s platform.
“By bringing the Lightning Network to HadePay’s payment processing platform, we are making it easier for businesses across the United States to accept bitcoin payments,” said Pavel Prikhodko, the head of Bitfury’s team of lightning network developers called Lightning Peach.
Bitcoin transactions that are made via HadePay can be accessed by merchants from all 50 U.S. states, said Bitfury.
HadePay functions on a hybrid model as it processes both fiat and blockchain transactions. The platform can be used worldwide by merchants as it accepts payments made via PayPal, Apple Pay, Square, and other processors.
Brian Nichols, the CEO and Founder of HadePay said:
“Bitcoin has always been a good low-cost alternative to fiat payments, but with this integration Bitcoin payments are now equally convenient as our fiat payment processing services, thereby paving the way for mass adoption in commerce.”
The lightning network, which is a second-layer protocol for scalability which runs on top of the bitcoin blockchain, is still in its beta phase which might come with some risk when used. However, its several updated versions keep on being developed and receiving community support.
The technology is being supported by a number of big firms and individuals in an ongoing experiment called the Lightning Torch, which includes the participation of financial service Fidelity Investments, LinkedIn co-founder Reid Hoffman and Twitter and Square CEO Jack Dorsey.
Featured Image: Bitcoin News.