As we previously reported, Coingate, one of the largest cryptocurrency payment gateways, handling transactions for over 4,500 merchants, had been exploring integrating Lightning Network payments on its platform. Now the initial test period with merchant partner SurfShark a VPN provider has been completed, Coingate have finally enabled Litecoin Lightning Network support to all their merchant partners, allowing customers to conduct near instant payments and cheaper fees.
Coingate had already released a fully operating payment service for the Bitcoin Lightning network last year and had expressed their elation at the uptake in adoption:
Since the launch, we saw over 30,000 created orders to pay with Lightning which suffice as a strong sign that both our customers and the crypto community have a keen interest in this development. Seeing the huge potential it has, we decided to keep developing the feature, but this time, for Litecoin.
Despite being significantly smaller due to greater onchain capacity and fewer user friendly methods of on-boarding, since our initial report, the Litecoin Lightning Network has continued to slowly grow with 1ML.com reporting almost 1,000 active channels, a 150% increase along with a 200%+ capacity increase, in part due to the recent 30% price rise of Litecoin.
The next step, as hinted at previously by Coingate is atomic swaps between the Bitcoin and Litecoin Networks, a technology that would allow trustless trading of assets and something like Lightning will play an ever more prevalent role as the ecosystem continues to grow and mature.
The announcement is not good news for everyone however, Roger Ver, CEO Bitcoin.com last year made a public bet with Litecoin Creator Charlie Lee that in 18 months time there would not be 1,000 merchants accepting Lightning Network payments. With this announcement Ver has now lost the friendly wager with 14 more months still to go before the agreed deadline and if he uphold his end will soon be seen wearing a Lightning Network T-shirt and discussing how he was wrong.