CoinGate Launches Litecoin Lightning Network Support with SurfShark.
CoinGate one of the largest and longest standing cryptocurrency payment gateways, has just announced plans to expand its service to handle Litecoin Lightning Network payments, to its 4500+ Merchants.
The move comes as a result of community interest and support from the Litecoin Foundation as well as Litecoin Creator Charlie Lee. It follows earlier trials held for the Bitcoin Lightning Network in July of last year, that have since concluded and has been fully rolled out.
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.
The Lightning Network is one of the most anticipated technologies for scaling payments in a long term and sustainable method, resulting in near instant payments and cheaper fees. Growth on the network since we reported last week has been up 20% with a further 90% increase in capacity, this announcement is expected to further advance that as trials commence today. Coingate also hints at the possibility of Atomic swaps on its platform, something it is now capable of and a technology that too, will become ever more prevalent as these networks expand.
Additionally, it lays the groundwork for atomic swaps — a seamless crypto-to-crypto trading option across different blockchains (for example, LTC to BTC).(…)
We have high hopes that our Lightning Network on Litecoin will work as smoothly as it works on Bitcoin. This is an exciting time for us and the blockchain industry, though we are still in the early stages of cryptocurrency adoption. However, we are proud to be among the early adopters with the ability to provide working solutions to the crypto community.
The first merchant to sign on to the trial is VPN provider SurfShark. Both parties believe this to be a great starting point considering VPNs, according to CoinGate are one of the most used services for crypto payments. This may be in part due to the shared connection around online privacy as well as the low cost subscription required to use the service, making them the perfect test candidate.
We picked up Surfshark as it fits all of our criteria, and has a perfect product for transacting on the LN. On top of that, they provide a highly secure product, according to the independent web security testers Cure53.
Therefore CoinGate team, as security and privacy advocates, picked SurfShark as the first merchant to test the Litecoin Lightning Network, and more will join as we move forward.
The team expects providing no errors occur during testing to be able to fully launch the feature by the end of February.