Coinfinity, an Austrian bitcoin broker, recently integrated the Lightning Network into its services, allowing customers to make bitcoin purchases with lower transaction fees and faster processing times.
Thomas Burgstaller, Chief Growth Officer at Coinfinity, underscored the importance of this integration, saying, “Being this early to market is an important innovation milestone for us at Coinfinity, and Lightning itself is a critical foundation for the global adoption of bitcoin as a usable monetary system.”
The Lightning Network, a Layer 2 scaling solution, addresses the limitations of the Bitcoin blockchain by facilitating faster, more profitable transactions for smaller amounts of Bitcoin. By leveraging the Lightning Network, Coinfinity aims to improve Bitcoin’s usability as a competitive payment system, surpassing the transaction volumes of major card networks such as VISA or Mastercard.
Coinfinity customers can gradually access Lightning features through the company’s web portal and mobile app for iOS and Android. Currently, users can use lightning to buy bitcoin, after which it will be integrated with the savings plan function and then the sell function.
This integration not only provides convenience to users, but also contributes to the wider adoption of Bitcoin as a viable means of payment. The move comes as Coinfinity seeks to optimize transaction efficiency and reduce the costs associated with traditional Bitcoin transactions.
For more details on the Coininfinity Lightning Network integration, those interested can read a blog post on company website.