Major US crypto exchange Bitfinex has partnered with Bitrefill toallow platform clients to shop via Bitcoin on the Lightning Network. A December 4 press release wrote that Bitfinex users will be able to make instant payments for a variety of services; using Bitcoin on their exchange wallets.
A Lightning B2B settlement system
According to the press release, both companies attributed the development of the service as the world’s first of its kind dynamic B2B settlement process using the Lightning Network. Meanwhile, the announcement builds on top of recent Bitfinex news of enabling bitcoin lightning transactions; plus almost negligible fees for users using the service for deposits and withdrawals.
Bitfinex demonstrated that setting up a system as the Bitcoin payment integration with lightning network, involved a lot of tinkering:
“Bitfinex and Bitrefill utilize customized versions of Lightning to open large channels together, exceeding the default limits in place, but allowing better flow and reliability to users.”
The partnership between Bitfinex and Bitrefill will enable exchange customers to purchase over 2,000 diverse prepaid vouchers using Bitcoin. Meanwhile, the vouchers could cover the overhead costs for products and services such as dining, gaming, travel, entertainment and more.
Lightning Network Adoption by Exchanges is Essential
Once Bitfinex purchase products from Bitrefill, the system will instantly settle the payment through the Lightning Network. The Chief Commercial Officer John Carvalho said that lightning adoption among major exchanges is an important step towards crypto power:
“We believe that getting Bitcoin exchanges on to the Lightning Network early is integral; to preparing for the next wave of adoption. And building out a parallel economy for Bitcoin. […] We will continue to work closely with Bitfinex; and other businesses to develop Lightning solutions and products; that make living on crypto a reality, eventually removing dependability on fiat rails.”
Lightning network has witnessed increased growth and adoption , with most people pleased with its potential of making Bitcoin a viable means of payment.