In the latest digital currency news, we are focusing on the crypto payments platform Coingate and its new integration of the Lighting Network on Litecoin (LTC) in order to boost the cryptocurrency payments.
As the marketing manager at Coingate Veronika Mishura said, the company does up to 10% of its monthly volume via Litecoin. On top of that, they believe that integrating Litecoin’s Lighting Network (which by the way has more than 100 nodes now) will increase the incentive to use cryptocurrency due to its reduction in fees.
As Mishura said in an interview:
“VPNs are to be honest one of the most frequently used services by crypto-enthusiasts (what we see by our data). However, due to quite low price, it is usually a no-win to pay for it with Bitcoin or Litecoin; and that’s exactly what Lightning should solve. That’s what we are trying to showcase – paying even for low-priced products should be possible, convenient, and cheap using cryptocurrency.”
The first merchant to use the LN on Litecoin will be Surfshark which is a VPN provider. According to Mishura, hopefully all of the 4,500 of their merchants will be interested in integrating LN in order to reduce the friction on both sides.
Meanwhile, CoinGate enables businesses to accept all major cryptocurrencies and many altcoins. The fee at the exchange is 1% and clients can choose from BTC to dollars or Euros as their designated payout.
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