Bitfury Partners Payments Firm And Integrates Bitcoin Lightning To Increase Merchant Adoption
The Bitfury Group has announced a partnership with U.S.-based payments processor and financial services company HadePay, in a deal that will see the two firms collaborate to promote the use of bitcoin for payments.
The partners will reportedly work together to bring Lightning Network (LN)-based bitcoin (BTC) payments to even more merchants, from the U.S. to Canada and in the European Union.
In an announcement made on Thursday, Bitfury revealed the integration of its Peach Merchant API with HadePay’s platform. Peach Merchant is a web-based application programming interface that allows merchants and businesses to accept crypto payments over the LN.
According to Bitfury, the integration will allow merchants to instantly convert bitcoin into another currency as soon as a payment is made, with the conversion being processed via HadePay’s platform.
Bitfury’s Lightning Peach, a dedicated team of engineers and developers currently working to promote the use of the Lightning Network technology, lauded the partnership saying it would be beneficial to many businesses across the United States.
Pavel Prikhodko, who heads the Lightning Peach project, said that the integration of LN with HadePay’s payment processing technology would no doubt make it a lot easier for any business to accept Bitcoin (BTC) payments.
Bitfury also tweeted that “[using] Lightning Network and bitcoin can create better payment systems,” as the efficiency of bitcoin transactions greatly improves. Also beneficial to merchants would be the “lower fees and unparalleled technical security.”
At the moment, HadePay facilitates bitcoin payments across all 50 states in the U.S., the firm noted.
Founded in October 2017, the HadePay platform provides both fiat and blockchain-based payments processing.
With this hybrid model in place, businesses can also accept payments in several other methods, including via PayPal, Square, Venmo, Apple Pay, Stripe and AmazonPay among others.
Bitcoin payments have gradually gained traction even as more businesses look to leverage the many benefits that come with blockchain technology. It explains why firms like Coinbase, BitPay, and Bitwage among others have all introduced features that make paying with crypto easier for both crypto holders and businesses willing to accept cryptocurrency.
The founder and CEO of HadePay, Brian Nichols, commented on the integration and noted that the integration of LN-based Bitcoin payments with his platform means that bitcoin is now as “convenient as [the] fiat payment processing services,” available on the platform.
As such, the partnership between Bitfury Group and HadePay is likely to pave the way “for mass adoption” of cryptocurrencies in commerce.
While the Bitcoin community continues to embrace the use of Lightning Network, development for this second-layer scalability solution built on top of Bitcoin is still in beta. It means that its usage does have potential risks.
However, the technology’s continues to develop (in several iterations) and a growing number of bitcoin proponents are beginning to trump for it. LN has seen top bitcoin supporters and firms take part in the Lightning Torch, an experiment aimed at increasing crypto payments adoption.
Some of the big names to take part include Reid Hoffman, the co-founder of LinkedIn; Jack Dorsey, the CEO of payments firm Square and Twitter; and Fidelity Investments.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.