NetCents, a cryptocurrency payments solutions provider, announced today that it is integrating the Lightning Network into its crypto merchant gateway.
The Lightning Network is a “layer 2” payment protocol that operates on top of blockchain-based cryptocurrencies; enabling near-instant transactions with low or non-existent blockchain fees for users regardless of network congestion. Lightning Network will enable the Company to complete payments off-blockchain; allowing the company to process over 1 million transactions per second.
A decrease in blockchain transaction fees and increased transaction scalability allows NetCents to target a wider selection of merchants. Lightning removes the limitations of cryptocurrency as a payment method or microtransactions and quick-service locations (like stadiums and coffee shops).
“I launched my first company in the payments industry back in 2001, and I have to admit that I have never been more excited about my work. Cryptocurrencies have promised the disintermediation of financial services monopolies since Bitcoin was created – It is invigorating to be creating pathways that will facilitate bringing efficient transactions to the billions of un and under-banked. It was back in 2017 that I pivoted NetCents from traditional payments to cryptocurrency and I am so happy to see that decision position our company for future success.”
– Clayton Moore, Founder, and CEO of NetCents Technology
Lightning Labs is supplying NetCents with the Lightning-based payment infrastructure. “Today, we’re one step closer to bringing Bitcoin to a billion people,” said Elizabeth Stark, CEO of Lightning Labs. “Lightning is making this a reality.”
NetCents will also be integrating the Lightning Network for users’ deposits and withdrawals to provide the scale required by large financial institutions and micropayments for gaming platforms.