A unit of Twitter co-founder Jack Dorsey’s financial powerhouse Block is announcing a new project aiming to facilitate payments using the Lightning Network, a layer-2 protocol built on top of Bitcoin (BTC).
Block’s Bitcoin-focused division TBD’s new business entity called c= will provide tools and services that will connect people to the Lightning Network and enable fast and low-cost payments using the world’s leading crypto asset.
Block’s new venture says it aims to address problems with Lightning transactions that are hounded by poor liquidity and inefficient payment routing.
“Lightning is huge– fast, cheap bitcoin payments are the future, and we’re building the infrastructure to be a part of it.
One thing is clear about Lightning, it’s not easy. Liquidity from reliable nodes can be hard to come by when you need it, making payments difficult. We want to make it easy and reliable for you to send and receive payments over Lightning”
C= says it is partnering with wallets, businesses and Lightning nodes.
“We’ve been working behind the scenes with the cats @spiral to cook up a routing node that will make Lightning easier and more dependable for businesses and people that transact on the network.”
The announcement comes as Lightning transactions surge to an all-time high. According to Lightning Network search and analysis engine 1ML, the network’s capacity, or the amount of BTC locked in payment channels, is now at 5,426 BTC.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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