Bitfinex Users Can Now Shop On Bitrefill With BTC Over The Lightning Network
Cryptocurrency exchange Bitfinex and crypto store Bitrefill have partnered to allow trading and shopping with Bitcoin (BTC) over the Lightning Network.
On Dec. 4 a press release was published by Bitrefill that users can instantly pay for a variety of services with Bitcoin that they hold on the exchange as of today.
World’s First Dynamic B2B Settlement Process Over The Lightning Network
The companies attribute the development to the “world’s first dynamic B2B settlement process over the Lightning Network.”
The companies explained that setting up such a system required some adjustment:
“Bitfinex and Bitrefill utilize customized versions of Lightning to open large channels together, exceeding the default limits in place, but allowing better flow and reliability to users.”
If all goes as planned, this should become the new standard for doing integrations. No custody of coins is happening. User is actually withdrawing from their Bitfinex account over LN to pay us directly. The payment is settled securely and _instantly_. Try it out! https://t.co/ICRNMBM0OG — Sergej Kotliar (@ziggamon) December 4, 2019
Users of Bitfinex can now buy over 2,000 different prepaid vouchers with Bitcoin. The vouchers cover the costs of services and products related to gaming, dining, entertainment, travel and more.
Lightning Network Hopes For An Increase In Crypto Adoption
Users of Bitfinex when buying products from Bitrefill, the system instantly settles the payments over Lightning Network.
Bitrefill chief commercial officer John Carvalho:
“We believe that getting Bitcoin exchanges on to the Lightning Network early is integral to preparing for the next wave of adoption and building out a parallel economy for Bitcoin. […] We will continue to work closely with Bitfinex and other businesses to develop Lightning solutions and products that make living on crypto a reality, eventually removing dependability on fiat rails.”
The Lightning Network hopes for an increase in crypto adoption with the potential to make Bitcoin a viable payment tool.
⚡The Bitfinex Lightning Network integration is officially live! You can now deposit and withdraw Bitcoin on Bitfinex via the Lightning Network. Read more about this further step into the Crypto revolution and connect to the Bitfinex Lightning Node https://t.co/LqkJz9JpDJ pic.twitter.com/uK8yRKImgQ — Bitfinex (@bitfinex) December 3, 2019
The announcement builds on the recent news that Bitfinex enabled Bitcoin Lightning Network transactions and that those using it for deposits and withdrawals will pay almost no fees.
Source: Cointelegraph | Image: Bitrefill