Further to the recent launch of the company’s Pr1bit cryptocurrency solution for SMEs, Pri0r1ty Intelligence Group PLC is announcing the launch of its Lightning Network Routing Node for Bitcoin transactions.
Pr1bit, launched last month, is an “additional paid SaaS offering designed to transform businesses by integrating Bitcoin payment processing and treasury management capabilities for them.”
Leveraging the power of AI and the infrastructure of Coinbase Commerce, Pr1bit “enables businesses to accept Bitcoin payments.”
The Pri0r1ty Lightning Network enhances the “capabilities of Pr1bit and ensures clients can leverage the benefits of Bitcoin payments with instant and almost cost-free transactions within the Pri0r1ty ecosystem.”
This allows Pri0r1ty customers to “send and receive Bitcoin payments on the Pri0r1ty Lightning Network to Pri0r1ty and other SME customers in exchange for goods and services at a lower cost than the Bitcoin main network or traditional online payment methods.”
Pri0r1ty will earn a routing fee “for processing transactions in Bitcoin satoshis (SATs), the smallest monetary denomination of Bitcoin.”
Dedicated nodes will be offered on the Pri0r1ty Lightning Network correlating to each of the company’s “main service lines of SaaS, consultancy, and project work.”
The first node is active, with over “100 Lightning payments between channels having been processed on behalf of SMEs.”
Each channel will have sufficient liquidity to “ensure seamless transactions.”
To ensure each channel has sufficient liquidity to avoid frequent rebalancing, Pri0r1ty has “deployed 100,000,000 SATs of liquidity for the first channel(s) utilising its Bitcoin treasury reserves following the acquisition of Bitcoin in support of this product.”
As adoption of the Pri0r1ty Lightning Network grows, Pri0r1ty “expects to add more channels and fill further liquidity requirements in exchange for processing fees using its reserves.”
The company will also launch “several Ethereum validator nodes and provide a staking pool.”
Ethereum staking is a process where users “lock up their Ethereum to help secure the Ethereum network and earn rewards in return. It is the core of Ethereum’s proof of stake consensus mechanism.”
By staking Ethereum, users become validators, “participating in confirming transactions.”
Customers who hold Ethereum whilst using Pr1Bit “can earn rewards without running their own validator node.”
Working with Coinbase Commerce to manage these nodes, the company expects to benefit “from its infrastructure and expertise, ensuring a secure staking experience.”
James Sheehan, CEO of Pri0r1ty, commented:
“As our customers adopt Bitcoin, the need for an efficient, scalable and cost-effective framework becomes more important. Building upon the roll out of Pr1Bit, launching our own Pri0r1ty Lightning Network is a natural step, built to allow our customers to make almost gasless, costless and instant transactions within the Pri0r1ty ecosystem.”
Rory Maxwell, CEO of Halfspace and COO of Pri0r1ty, added:
” A secure transparent platform for financial transactions and data management, cryptocurrencies will transform many aspects of the sports industry’s engagement with its fans and customers and the way it operates behind the scenes.”
As an SME, Pri0r1ty understands the “challenges faced by smaller businesses and has developed an AI Software-as-a-Service (SaaS) platform tailored to meet these needs.”
Pri0r1ty’s platform offers cost-effective solutions “that automate essential services like social media management, investor relations, and corporate governance.”
By reducing reliance on expensive external providers, the company empowers SMEs to “streamline operations and focus on growth.”
The group also includes Halfspace, a “data driven, marketing and technology business which primarily operates in the sports and entertainment sectors.”
Its customer base includes “Premier League football clubs, motorsports teams, sports leagues, national governing bodies, sporting federations, digital media businesses, and direct-to-consumer platforms.”