One of the largest Crypto payment gateways CoinGate will enable Lightning Payments in Litecoin for more than 1000 merchants using its network.
CoinGate was the first payment processor to enable Bitcoin lightning payments for merchants in June this year, the company has now enabled merchants to accept Litecoin using lightning network. The Lithuanian based company was founded in 2014 and boasts having over 50,000 customers and over 4000 merchants worldwide accepting Bitcoin.
Creator of Litecoin, Charlie Lee tweeted:
The lightning network in Bitcoin has grown from 1000 channels worth 4 BTC in February to over 16000 channels worth around 500 BTC. Although it is the early days of the technology we are able to see increased adoption and testing of the lightning network to pay for coffee or to transact in vending machines and even some online stores are accepting Bitcoin via lightning network.
Blockmanity previously reported about Litecoin having the most number of ATMs and exchange penetration after Bitcoin.
Litecoin has always been at the forefront of innovation, Technological improvements like Segwit and atomic swaps were first tested on the Litecoin network before adopting it into Bitcoin. Litecoin not only serves as a test bed for the Bitcoin network but also gets the benefits of an established Crypto network like exchange penetration, increased liquidity and merchant adoption.
Merchants integrating lightning network for Bitcoin and Litecoin is a step in the right direction. But the lightning network is still early stages far from mainstream adoption. A lot of testing and improvements have to be done on the UI/UX and security side of the technology before we reach mainstream adoption.
Thank you for reading the article. Wishing you a very Happy New Year from team Blockmanity 🙂
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