Merchants on Shopify, a global e-commerce giant, will have the option of receiving Bitcoin (BTC) off-chain payments through the Bitcoin Lightning Network after sealing a deal with Strike.
As a leading digital payments platform built on Bitcoin’s Lightning Network, Strike will enable Shopify merchants to receive off-chain transactions, which are readily confirmed, faster, and cheaper than those processed on-chain or Bitcoin mainnet.
Jack Mallers, the founder and CEO of Strike, noted that the strategic partnership would easily enable Shopify merchants to accept Bitcoin payments as dollars.
“The Lightning Network is a global payments network that lowers costs, enhances speed, drives innovation, improves financial inclusion, and brings the power of choice to consumers and merchants.”
Through Strike’s integration, Shopify merchants will be able to expand their existing payment options. As a result, they will utilise the potential purchasing power among global markets.
Per the announcement:
“Strike’s integration also allows Shopify merchants to generate savings through low-cost payment processing.”
The partnership is also seen as a stepping stone towards reducing various complexities merchants face when holding BTC, given that their Bitcoin payments will be instantly converted to dollars.
With the Lightning Network (LN) being a layer two scaling solution on the BTC network, micropayment channels are used to enhance the blockchain’s capacity to undertake transactions more efficiently.
A previous study by Arcane Research noted that the Lightning Network could radically change the business model of content providers in gaming, video, audio, and many more categories by providing a structure where continuous micropayments are made.
Therefore, Arcane Research foresaw a situation where the Lightning Network would transit from online services to everyday use.
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