Paxful, an established and globally accessible P2P Fintech platform, reveals that it has performed an integration on the Lightning Network.
More than 7 million Paxful users will now be able to “leverage the power of the Lightning Network, a system built on top of the Bitcoin (BTC) network,” according to an update shared with Crowdfund Insider. The Lightning Network (LN) has been designed to enable users to transfer Bitcoin in “a matter of seconds with much lower fees,” the announcement explained.
As stated in a release:
“This new feature seamlessly blends into Paxful’s platform and enables the company to keep user fees lower than traditional Bitcoin transactions. When users send or receive Bitcoin through the Lightning Network with their Paxful Wallet, their Bitcoin balance is used the same way as if they would transfer it on the Bitcoin network.”
All transfers are handled within seconds and Paxful users are able to utilize the Lightning Network for transactions with other platform users and also to pay for products and services.
Ray Youssef, CEO and co-founder of Paxful, noted that Bitcoin is “hands down the best financial option for the people who really drive economies forward.”
“In order for [Bitcoin] to succeed and usher in global adoption, we need to overcome the issue of scale. The industry’s greatest chance of Bitcoin scalability is through Lightning, which makes micropayments exceedingly cheaper and faster. Buying a coffee with Bitcoin will now be a realistic option. Consumers, businesses and even banks are looking for a way to connect the world together and we fully anticipate Lightning to deliver.”
Youssef added that they’re “honored to be one of the first peer-to-peer platforms to offer this technology to our users” and that it’s “a true service aimed at financial freedom.”
Artur Schaback, COO and co-founder of Paxful, explained that the Lightning Network “amplifies the work we’re already doing at Paxful.”
He also mentioned that at its core, Bitcoin was “envisioned as a means of exchange.” He further noted that Paxful’s seven million users now have “another option to transact micropayments — one that is cheaper and faster than the traditional Bitcoin network.” He added that they’re quite pleased to “see how [their] users utilize Lightning and we expect Bitcoin’s use cases to only grow from here.”
Elizabeth Stark, CEO and co-founder of Lightning Labs, remarked:
“Bitcoin levels the playing field for people around the world, and emerging markets are leading the charge with adoption. At Lightning Labs we’re building technology to bring bitcoin to billions, and Paxful’s integration is a huge step forward in making this a reality. We’re excited to onboard millions of Paxful users who can now send instant, global, low fee transactions with Lightning. In other words, number of people go up!”
Established in 2015 and fully bootstrapped since then, Paxful maintains head offices in New York with additional locations in Estonia, the Philippines and Russia. The team has “doubled in size over the last 12 months, growing to over 400 people,” the announcement revealed.
As previously reported, Paxful is a peer-to-peer finance platform for people “to make payments, transactions, and send money by buying and selling cryptocurrencies as a means of exchange.”
Paxful’s mission and goal is “to help everyone have equal access to finance no matter who or where they are.” Over 7 million people use Paxful to purchase and sell Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) with nearly 400 different payment methods.