Coinfinity, an Austrian bitcoin broker, has recently integrated the Lightning Network into its services, allowing customers to make bitcoin purchases with reduced transaction fees and quicker processing times.
Thomas Burgstaller, Chief Growth Officer at Coinfinity, highlighted the significance of this integration, stating, “Being this early to market is an important innovation step for us at Coinfinity, and Lightning itself is an essential 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 and more cost-effective transactions for smaller bitcoin amounts. By leveraging the Lightning network, Coinfinity aims to enhance Bitcoin’s usability as a competitive payment system, surpassing the transaction volumes of major card networks such as VISA or Mastercard.
Customers of Coinfinity can gradually access Lightning features through the company’s web portal and mobile app for iOS and Android — currently, users can utilize Lightning to buy bitcoin, after which it will be integrated into the savings plan feature and then the selling function.
This integration not only offers 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 costs associated with traditional bitcoin transactions.
For further details on Coinfinity’s Lightning network integration, interested individuals can read a blog post on the company’s website.