Key takeaways
- Lightning Network technology is now accessible for Bitcoin Suisse’s crypto payment system, which is Switzerland’s largest BTC broker.
- Through its collaboration with Worldline, the European leader in payments and transactional services and the world’s fourth largest operator.
Bitcoin Suisse, a major crypto-financial services company based in Switzerland, announced today that Bitcoin Lightning technology is now available for their crypto payment solution. As a result, Bitcoin Suisse has become the first cryptocurrency payment processor in Switzerland to provide Bitcoin Lightning, strengthening its status as a crypto pioneer.
The Lightning Network is a “layer 2” payment protocol that runs on top of a blockchain-based cryptocurrency like bitcoin or litecoin. It was offered as a solution to the bitcoin scalability problem in order to facilitate quick transactions among participating nodes.
The move was commended by Armin Schmid, CEO of Bitcoin Suisse Pay, who noted that Lightning transactions will play a significant role in expanding crypto apps and promoting broad usage.
“Lightning transactions allow higher throughput per second on the price of a fraction of a cent — making them a game-changing innovation for crypto applications.”
Merchants working with Bitcoin Suisse and Worldline — the European leader in payments and transactional services – will be able to accept Lightning Network transactions starting today.
Bitcoin Suisse intends to become Europe’s largest crypto payment processor through a partnership with Worldline, the European leader in payments and transactional services and the fourth largest in the world: Around 1 million businesses and 35 million point-of-sale terminals use Worldline, resulting in around 5.6 billion card transactions every year.
Due to Twitter’s usage of the Lightning Network for tipping and the community’s statewide rollout in El Salvador, the Lightning Network has gotten a lot of attention in recent weeks.
Sascha Münger, Product Manager WL Crypto Payments commented: “We are pleased that our crypto solution partner Bitcoin Suisse is introducing the lightning network for Bitcoin transactions. This is a logical step towards our shared vision of making crypto acceptance easily accessible to a broad group of merchants. The lightning network enables fast and cost-efficient transactions and hence lends itself particularly well to be used for low-value transactions. Moreover, by aggregating transactions before getting mined on the blockchain, it significantly reduces energy costs per transaction and thereby supports Worldline’s ambition to lead the industry by example in introducing technological innovations to improve sustainability.”
According to reports, the Lightning Network’s whole capabilities have undergone “rapid growth” in 2021. The network’s capacity reached an all-time high of 2,904 BTC in September, representing a 170 percent growth in capacity since January.
