BitPay Announces Support for Lightning Network

Bitcoin payments service BitPay has announced immediate support for the Lightning Network through its payment processing platform, allowing merchants that leverage this platform to receive payments from Lightning wallets and enabling more cost-effective, cheaper bitcoin transactions through the Layer 2 protocol.

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Serving as a bitcoin payment processor for merchants since 2011, BitPay is one of the oldest companies in the cryptocurrency space. "BitPay merchants can now receive payments from Lightning-enabled wallets like Cash App and Strike," as reported. "Consumers now have a low-cost alternative when paying with bitcoin at a BitPay-enabled merchant."

"PacSun is excited to be one of the first BitPay partners to accept bitcoin payments using the Lightning Network," said Michael Relich, the co-CEO of the retail clothing brand, according to the release. "The Bitcoin Lightning Network provides our customers with instant payments and exceptionally low network fees, and creates more opportunity for all holders of bitcoin to shop online."