Coingate, a prominent cryptocurrency payments platform, has now adopted the Litecoin’s Lightning Network to process cryptocurrency payments on its platform.
The much-anticipated development was heralded by Surfshark, a VPN provider, which became the first company to accept LTC payments on the Lightning Network on January 17. Developed to provide users with a much cheaper, faster and seamless system of cryptocurrency payments, Coingate is optimistic that more and more companies will soon follow suit and use the Lightning Network.
Litecoin’s Lightning Network also promises a solution for an industry that has often struggled with the question of scalability and the capability of handling high-volume transactions. In 2018, it was tested by more than 4,000 merchants for cryptocurrency transactions and was met with an overwhelmingly positive response.
According to Veronika Mishura, Marketing Manager of Coingate, the LN will also incentivize the wider use of Litecoin and other cryptocurrencies due to a reduction in price. Mishura said:
“VPNs are, to be honest, one of the most frequently used services by crypto-enthusiasts (what we see by our data). However, due to quite low price, it is usually a no-win to pay for it with Bitcoin or Litecoin; and that’s exactly what Lightning should solve. That’s what we are trying to showcase – paying even for low-priced products should be possible, convenient, and cheap using cryptocurrency.”
Further, it would seem that Surfshark is merely the beginning. As was announced in December, Coingate plans to introduce 1,000 merchants, all of whom will be accepting Litecoin payments over the Lightning Network. Coingate already boasts has over 4,000 merchants across the world that accept Bitcoin.
— Charlie Lee [LTC] (@SatoshiLite) December 13, 2018
Coingate’s introduction of the LN and the impending adoption by merchants across the world is kept to a more wide-scale adoption of cryptocurrency as a medium of exchange between users online.
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