Bitfury Partners With Payment Platform to Offer Lightning Fast Transactions for Bitcoin

Bitfury has announced a partnership with blockchain-based payment processing system Paytomat, giving it access to Lightning Network (LN) payments.

Paytomat users will now be able process Bitcoin transactions almost instantly using the Lightning Network, which is built on top of the Bitcoin blockchain, while still reaping the benefits of the blockchain’s security features.

The platform uses a merchant’s existing POS system. The system currently has hundreds of merchants in Italy, the Ukraine, Spain and the Netherlands, from espresso bars to restaurants, sports clubs, barbershops and e-commerce. Once the integration is complete, it will allow users and merchants to send and receive Bitcoin payments over the Lightning Network almost instantly.

Although institutional investors and crypto analysts often compare Bitcoin to gold, predicting that it has the ability to replace gold as the world’s greatest store of value, the Bitfury partnership with Paytomat aligns Bitcoin with a broader vision. According to Litecoin founder Charlie Lee, Bitcoin as everyday money is part of “Satoshi’s vision.”

6/6 Bitcoin with Lightning Network more closely fits the Bitcoin whitepaper's title: "A Peer-to-Peer Electronic Cash System." This is Satoshi's Vision.

— Charlie Lee ???? (@SatoshiLite) October 6, 2018

The transition will be engineered by Bitfury’s Lightning Network engineering team, LightningPeach.

Pavel Prikhodko, head of LightningPeach, says,

“The launch of the Lightning Network allows consumers around the world to use cryptocurrencies to make everyday purchases. Through partnerships like Paytomat, we are one step closer to making every point of service terminal cryptocurrency-friendly and Lightning Network-enabled.”

Adds Paytomat founder and CEO, Yurii Olentir, 

“Businesses are willing to accept Bitcoin as a payment method, and crypto-enthusiast are willing to pay using it. We’ll give an opportunity to do both of them. But with the Bitfury partnership and implementing of the Lightning Network to our ecosystem, this opportunity becomes really quick and efficient. We’re happy to develop the future of the crypto market together, making fast crypto payments real.”