Lightning Network Integration Enhances The Electrification Of Paxful Platform
Lightning Network Integration Enhances the Electrification of Paxful Platform
Paxful, the world's leading peer-to-peer financial technology platform, announced today that it has completed its global integration with the Lightning Network. Over seven million Paxful users will now be able to take advantage of the Lightning Network, which is a system built on top of the Bitcoin (BTC) network and designed to speed up transactions. The Lightning Network enables users to send Bitcoin in a matter of seconds while incurring significantly lower transaction fees.
As a result of the seamless integration of this new feature into Paxful's platform, the company is able to keep user fees lower than those associated with traditional Bitcoin transactions. When users use their Paxful Wallet to send or receive Bitcoin through the Lightning Network, their Bitcoin balance is used in the same way as if they were transferring it directly through the Bitcoin network itself. All transactions are processed in milliseconds, and Paxful users can take advantage of the Lightning Network for both transactions with other individuals and payments for goods and services purchased online.
“Bitcoin is without a doubt the best financial option for the people who are truly driving economies forward,” said Ray Youssef, CEO and co-founder of Paxful. However, in order for it to be successful and usher in widespread global adoption, we must first overcome the problem of scale. Through the use of Lightning, the industry has the best chance of achieving Bitcoin scalability. Lightning makes micropayments significantly cheaper and faster than they are currently. A realistic option will now be available for purchasing a cup of coffee using bitcoins. Consumers, businesses, and even financial institutions are looking for a way to connect the world together, and we are confident that Lightning will provide it. As one of the first peer-to-peer platforms to provide our users with this technology, we consider it a great honor. It is a genuine service aimed at achieving financial independence.”
Paxful's COO and co-founder, Artur Schaback, stated that the Lightning Network "amplifies the work that we're already doing at Paxful." Bitcoin was originally envisioned as a medium of exchange at its core. In addition to the traditional Bitcoin network, Paxful's seven million users now have another option for making micropayments — one that is both cheaper and faster than the traditional Bitcoin network. We are excited to see how our users are utilizing Lightning, and we anticipate that Bitcoin's use cases will continue to expand in the future.”
“Bitcoin levels the playing field for people all over the world, and emerging markets are leading the charge in terms of adoption,” said Elizabeth Stark, CEO and co-founder of Lightning Labs. At Lightning Labs, we're developing technology that will enable bitcoin to be used by billions of people, and Paxful's integration is a significant step toward making this a reality. The addition of millions of Paxful users who can now send instant, global, low-fee transactions with Lightning is a source of great excitement for us. In other words, the number of people is increasing!”
Paxful, which was founded in 2015 and has operated entirely on its own funds since then, is headquartered in New York and has offices in Estonia, the Philippines, and Russia. Over the last year, the team has more than doubled in size, reaching a total of over 400 people.
About Paxful
Paxful is a peer-to-peer finance platform that allows people to make payments, conduct transactions, and send money to one another by purchasing and selling cryptocurrencies as a medium of payment. Paxful, which was founded in 2015 by Ray Youssef and Artur Schaback, has as its mission to ensure that everyone has equal access to finance, regardless of their background or location. Paxful is used by more than seven million people to buy and sell Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) using nearly 400 different payment methods.
The Built with Bitcoin Foundation was established by Ray Youssef, co-founder and CEO of Paxful, to assist people in gaining access to education and clean water. To date, the foundation has completed the construction of four schools (two in Rwanda, one in Kenya, and one in Nigeria). The Paxful cryptocurrency exchange and the cryptocurrency community have contributed to the Built with Bitcoin Foundation's funding.
About Lightning Labs
At Lightning Labs, we're working on making it the simplest possible for developers to integrate internet-native digital money, which allows for instant, global, and low-fee transactions over bitcoin to take place.
