Watch Out BitPay: CoinGate Uses Bitcoin Lightning Payments To Zap Competition

Lithuanian cryptocurrency payment processor CoinGate has become one of the first industry businesses to offer Lightning Network (LN) settlements for Bitcoin.

CoinGate: LN ‘Without Doubt Most Awaited Bitcoin Network Upgrade’

In a post on Reddit, CoinGate, which has operated since 2014 but saw over half its transaction volume this year, confirmed it was operating LN in a “sandbox environment” while “intense testing” continues.

“Lightning Network is the next major technological innovation in the Bitcoin space. Although still in its early stages and more suited to advanced, technical users, LN is, without doubt, the most awaited upgrade to the Bitcoin network,” officials wrote.

…In the meantime, we are preparing to run pilot integrations in live environment with a select group of merchants that wish to join us in becoming early adopters of this exciting tech.

A lesser-known payment processor, CoinGate has sought to adhere to the latest technological innovations and best practices in Bitcoin, batching transactions since 2015 and implementing SegWit support in December last year.

By Contrast, larger operators such as BitPay and Coinbase have become known for the slow rate with which they adopt new technology.

Despite only existing as a Bitcoin mainnet implementation since the start of 2018, LN has meanwhile already attracted a considerable number of ardent supporters, both business and private…

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