Bitcoin Suisse will use the Lightning Network to reduce the cost and speed of Bitcoin (BTC) transactions. According to a press release issued on Tuesday, it will be the first cryptocurrency payment processor in Switzerland to integrate the technology.
The decision was praised by Armin Schmid, head of Bitcoin Suisse Pay, who noted that Lightning transactions will play a significant role in scaling crypto apps and driving mass adoption.
“Lightning transactions enable higher throughput per second at a fraction of a cent — a game-changing innovation for crypto applications.”
Consumers and merchants using Bitcoin Suisse and Worldline will be able to conduct faster transactions at lower blockchain costs with the launch of this cutting-edge second-layer Bitcoin technology. The decision, according to the announcement, is a significant step forward in Bitcoin Suisse’s efforts to “promote the broader adoption of crypto technology.”
The Lightning Network is a decentralized network built on Bitcoin’s second layer that uses smart contract technology to build a secure network and allow small value transactions to be completed at faster speeds and at lower costs. In an effort to address Bitcoin’s scalability issue, Joseph Poon and Thaddeus Dryja proposed the Lightning Network protocol in 2015.
Worldline, Bitcoin Suisse’s European counterpart, will be able to process Lightning Network transactions. As a result of the Lightning Network integration, customers and merchants will benefit from the ease of crypto transactions.
The Lightning Network has gained popularity in recent weeks as a result of Twitter’s use of it for tipping, as well as the network’s nationwide rollout in El Salvador.
The Lightning Network’s total capacity has seen “explosive growth” in 2021. The network’s capacity reached an all-time high of 2,904 BTC in September, a 170 percent increase since January. The network capacity is likely to grow even further now that the largest cryptocurrency broker in Switzerland has integrated it.