Strike, a payments application based in Chicago has announced the integration of Shopify to allow merchants to accept Bitcoin payments through the Bitcoin Lightning network. The Lightning Network is a scaling solution for Bitcoin (BTC/USD) that facilitates fast and cheap transactions.
Shopify adopts BTC payments
The CEO of Strike, Jack Mallers, revealed the integration of the Lightning Network on Shopify during the Miami Bitcoin 2022 Conference. In the official release by Strike, the only merchant mentioned is Warren Lotas, a streetwear brand based in Los Angeles. However, the move could extend to the nearly two million merchants on Shopify.
Shopify ranks as the 18th largest e-commerce platform globally, with around $4.6 billion in annual revenues. Shopify allows merchants to create an online store in 175 countries. According to the official Twitter account of the Bitcoin 2022 conference, Lightning was already live on Shopify.
“Any online merchant that uses Shopify can accept payments without the 1949 boomer network, receive it instantly, cash final, no intermediary no 3% fee,” the announcement said. Mallers also said that the speeds offered by the Lightning network could offer major benefits to merchants.
The executive also talked about the drawbacks of traditional payment systems. It said that instant settlements could be done to allow consumers and merchants to handle their accounting work and identify the balances in their accounts.
Mallers further announced a partnership between Strike and the Blackhawk payment network. The latter is the largest point of sale supplier globally. The company’s annual revenues are estimated to be $2.5 billion, and according to its website, its products are available in more than 400,000 storefronts across 28 countries.
The Bitcoin 2022 conference
The Bitcoin 2022 conference is attracting much attention across the crypto sector and beyond. Exciting developments have been announced during this conference, such as the launch of Robinhood’s eagerly awaited crypto wallet that will integrate the Lightning Network.
The Bitcoin 2022 conference is yet to trigger a strong BTC price movement. The largest crypto by market cap is still notably low from what it was trading at a year ago.
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