Bitwage Processes the World’s first Bitcoin Payroll Using the Lightning Network

Follow us on Google News

Key Takeaways:

  • Bitwage processes the world’s first bitcoin payroll using the lightning network by partnering with Voltage and ACINQ.
  • The company used the Lightning Network, Bitcoin’s layer 2 scaling solution for quick and cheap bitcoin payments, to process a salary payment.
Bitwage Processes The World'S First Bitcoin Payroll Using The Lightning Network
Bitwage Processes the World’s first Bitcoin Payroll Using the Lightning Network

In a statement to Bitcoin Magazine, Bitwage claimed, 

“Bitcoin’s Lightning Network promises the possibility to provide global, immediate payments for nearly no fees. Our objective for Lightning Payroll is for each user to be able to join their preferred wallet, receive their income, and immediately spend it at any business on the main network.”

Two salaries were processed as Lightning payments by the firm. The first went to Bernard Parah, the CEO of Pan African Bitcoin-native financial business Bitnob, while the second went to Alex Crognale, a USL professional soccer player.

In a statement, Parah stated

“The concept of lightning payroll means I might get paid by the hour or even by the minute. This is it: time equals money.”

To help Parah acquire enough inbound liquidity, Bitwage collaborated with ACINQ. A French startup focused on developing Bitcoin-native goods and services. ACINQ used its massive Lightning node to guarantee that the transaction was completed correctly.

“As the network matures and capacity grows, it becomes suited for greater and higher transaction quantities,” according to ACINQ CEO Pierre-Marrie Padiou in a statement.

Crognale became the first professional athlete paid exclusively through Lightning with the second payroll check. To obtain his payment, the defender of the Birmingham Legion of the United Soccer League used the Wallet of Satoshi, a custodial Lightning wallet.

“We’re looking forward to many more people embracing this fast, convenient, and low-cost means of payroll,” stated Daniel Alexiuc, CEO of Wallet of Satoshi.

While ACINQ and Satoshi’s Wallet aided the receivers in the payroll transaction, Bitwage was aided on the sending side by Voltage. The Lightning node provider made the procedure easier with a dedicated node for salary payments.

“In this situation, all boats rise,” said Graham Krizek, CEO of Voltage, in a statement. “Bitwage clients get a great Lightning experience, and Bitwage can increase their service quickly.”

Bitwage, based in San Francisco, California, is a major bitcoin payroll service provider. The corporation has operations throughout Europe, Latin America, Asia, and the United States. Bitwage is a global platform that connects companies, employees, and freelancers.

Chetna Prakash
Chetna Prakash


Crypto News, NFTs and Market Updates

Can’t find what you’re looking for? Type below and hit enter!