The new feature will allow CoinGate users to benefit from the significantly lowered fees of the Lightning Network, as they purchase goods online from some 4,500 merchants that are already registered on the CoinGate platform.
Similarly, merchants will now be able to accept frictionless LTC Lightning payments, by integrating the CoinGate Payment API to their infrastructure.
According to CoinGate’s spokespersons, Litecoin represents a notable 10% of the company’s monthly volume.
Therefore, the integration of the Litecoin Lightning Network is expected to increase Litecoin’s usage on CoinGate further, as users will be able to execute cheap micropayments with instant confirmation times.
Litecoin, otherwise known as the silver to Bitcoin’s gold, was originally created to serve as an improved version of Bitcoin, aiming to address all the scalability issues the latter was facing.
Great news! We are finally enabling #Litecoin #LightningNetwork payments to all our 4,500 merchants! So, feel free to use #LiteningNetwork for making purchases online, or accept LTC Lightning payments with your business. Go $LTC! @SatoshiLite @litecoin @LTCFoundation pic.twitter.com/j5Zrd8KXtz
— CoinGate (@CoinGatecom) February 8, 2019
Major Step Towards Cryptocurrency Mainstream Adoption
The Lithuania-based CoinGate seems to be on the right path at enabling easy payments in crypto between end-customers and merchants, which is crucial for the mainstream adoption of cryptocurrencies.
It is apparent that both Bitcoin and Litecoin will scale on the Lighting Network, hence its integration to CoinGate’s platform would be inevitable ultimately.
The number of nodes on the Litecoin Lightning Network is growing rapidly, as it currently has 138 active nodes (reached 100 nodes in January 2019) and counts almost 800 channels.
After successfully completing a trial with selected merchants, CoinGate decided that the Litecoin Lightning Network had matured enough to go live on its platform.
Undoubtedly, this move should be seen as progress for the entirety of cryptocurrencies, regardless if someone is a Litecoin fan or not.