At the Bitcoin 2022 conference in Miami today, Jack Mallers, CEO of peer-to-peer payments app Strike, announced an integration with e-commerce giant Shopify that would allow merchants to receive faster and cheaper Bitcoin transactions via the Internet. Lightning network.
According to an accompanying press release, the new integration will unlock “the ability for eligible US Shopify merchants to receive Bitcoin payments from customers around the world in US dollars” via the Lightning Network. Mallers announced:
“We are proud to partner with Shopify to provide a cheaper and faster way for merchants to accept US dollars using Bitcoin technology. The Lightning Network is a global payment network that lowers costs, improves speed, drives innovation, enhances financial inclusion, and empowers consumers and merchants with choice.”
Bringing Lightning to the masses
The Lightning Network is the so-called layer 2 communication and payment protocol built on top of the Bitcoin blockchain. The solution enables transactions to be processed off-chain, removing the load from the core network and improving network scalability.
As a result, payments made through LN can be processed not only faster but also cheaper thanks to lower fees. Strike’s press release explained in more detail:
“With the Strike integration, Shopify merchants can accept payments globally and save costs on processing fees, with final settlement in cash. The Strike integration allows Shopify merchants to diversify their existing payment options and reach global markets and untapped buying power.”
‘The right to build freely’
Additionally, the integration would help merchants “generate savings through low-cost payment processing” and avoid “certain complexities” that they “face holding Bitcoin.” Notably, the new payment options will be “accessible to any consumer in the world with a Bitcoin Lightning Network-enabled wallet, including over 70 million CashApp users.”
“If we can help make the Bitcoin network more accessible and usable, we think we can change the world,” Mallers continued, adding:
“There hasn’t been since 1949 a superior payment network that allows us to innovate. Let’s build a superior payment network from the ground up…This is America and we need to protect our ability to innovate.”
Mallers also revealed that he has been working with lawmakers like US Senator Cynthia Lummis, known for her positive sentiments towards Bitcoin, “to ensure we have the right to build freely in this country.”
What CryptoSlate reported, despite the numerous irrefutable benefits that the Lightning Network offers, it arguably remains a niche product, requiring users to be somewhat tech-savvy to use it. But it looks like the tide is turning as BitPay, another major crypto payment service provider, similarly added support for the Lightning Network yesterday, April 7.
With Strike and BitPay now allowing users to easily access the new payment method, the Lightning Network may finally see an explosion of mass adoption.
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This post Strike Joins Shopify in Massive Push for Bitcoin Lightning Network Adoption
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