Bitfury and HadePay Partner to Promote Bitcoin Lightning Payments
Bitfury has teamed up with HadePay, a business payments processor based in the U.S. on a project that would see the two companies take the bitcoin lightning network to more merchants in the United States, Canada, and the EU.
The initiative involves Bitfury integrating its peach Merchant API with the HadePay platform to allow businesses in these regions to accept crypto payments accepted over the Lightning Network (LN).
Lightning Network is a second layer scalability solution on the bitcoin network that is designed to improve the efficiency of payments as well as reduce bitcoin transaction costs.
Using Bitfury’s application programming interface (API) allows merchants to accept bitcoin and other cryptocurrencies which are instantly converted into fiat currencies via HadePay’s payment processor.
At the moment, making bitcoin payments through HadePay is accessible to merchants in all the 50 states in the United States.
The initiative is spearheaded by Bitfury’s Lightning Peach team, a group of engineers and researchers dedicated to promoting the use of LN to make BTC payments easier and cheaper
Most merchants still find it difficult to integrate crypto payment technologies or face the challenge of accepting crypto because of price volatility. However, those who integrate HadePay’s hybrid model will find it much easier to use as they can switch between fiat and crypto payments.
With platforms like Coinbase merchant, Bitpay and Bitwage already in the market and allowing businesses the opportunity to accept cryptocurrencies, HadePay’s entry means that more and more merchants will be exposed to blockchain based payments.
But HadePay will bank on its features that allow merchants to accept payments from platforms like PayPal, Square, Apple Pay and Amazon pay to attract a larger percentage of the global market.
According to HadePay CEO Brian Nichols, the integration of bitcoin Lightning Payments will pave way for greater adoption of crypto in mainstream commerce.
The Lightning Network for bitcoin payments has received massive support in the last few weeks following the launch of an experiment aimed at promoting LN to businesses around the world. Referred to as the ‘Lightning Torch’, the initiative has attracted major players in the industry including investment giant Fidelity, Square CEO Jack Dorsey, and LinkedIn’s Reid Hoffman.