The latest reports reveal that Bitcoin Suisse has decided to utilize the Lightning Network to make Bitcoin (BTC) transactions faster and cheaper. That will be the first crypto payment processor in Switzerland to integrate the technology, based on a press release dated November 9, 2021.
Bitcoin Suisse is the biggest Bitcoin broker in Switzerland and it has now made Lightning Network technology available for its payment system. The head of Bitcoin Suisse Pay, Armin Schmid, was excited and praised this decision, noting that Lightning transactions will play a major role in scaling cryptocurrency apps and pushing for mass adoption.
“Lightning transactions enable higher throughput per second at the price of a fraction of a cent — making them a game-changing innovation for crypto applications.”
With the launch of the cutting-edge second-layer Bitcoin technology, the merchants and consumers that are using Worldline and Bitcoin Suisse can conduct quick, nearly-instant, transactions with lower blockchain costs. The announcement also states that the decision is a major step forward in Bitcoin Suisse’s effort to “promote the broader adoption of crypto technology.”
The Lightning Network is described as a decentralized network that is powered by Bitcoin’s second layer. This layer uses smart contract technology to create a secure network and enable small value transactions at lower costs and faster speeds. Sometime in 2015, Thaddeus Dryja and Joseph Poon proposed the Lightning Network protocol intending to address Bitcoin’s scalability challenge.
The European counterpart of Bitcoin Suisse, Worldline, will now process transactions that are made using the Lightning Network. In that context, merchants and customers will benefit from the ease of cryptocurrency transactions due to the Lightning Network integration.
So far, the Lightning Network has attracted a lot of attention in recent weeks due to Twitter using it for tipping and the network’s nationwide rollout all over El Salvador.
Based on previous reports, the cumulative capacity of the Lightning Network has enjoyed “explosive growth” in 2021. The network’s capacity reached an all-time high in September of 2,904 BTC, a growth of 170% since January. The network capacity might increase further now that the largest crypto broker in Switzerland has integrated it into its operations.