Lightning will strike Shopify merchants with the addition of BTC payments

Chicago-based payment app Strike has integrated with global e-commerce giant Shopify so merchants can accept Bitcoin payments through the...



Chicago-based payment app Strike has integrated with global e-commerce giant Shopify so merchants can accept Bitcoin payments through the Bitcoin Lightning Network.

The Lightning Network (LN) is a Layer 2 scaling solution for Bitcoin designed to facilitate faster and cheaper transactions.

Strike CEO Jack Mallers revealed the new integration on stage today at the Bitcoin 2022 conference in Miami. The move could allow Shopify’s nearly two million global merchants to accept USD-denominated Bitcoin payments. However, the only merchant partner listed in the official Strike statement was Warren Lotasan LA-based streetwear brand – and this site was down at the time of writing.

Shopify is the 18th largest e-commerce company in the world with around $4.6 billion in annual revenue according to the market research site macrotrends. Its service allows merchants to create an online store in 175 different countries.

The official Bitcoin 2022 Twitter account said the integration was already live and quoted Mallers chastising the modern payment system that started in 1949 with the Diners Club card:

“Any online merchant using Shopify can accept payments without the 1949 Boomer Network, receive them instantly, in cash, with no middleman, no 3% fee.”

According to Mallers, one of the main advantages of using Bitcoin through Lightning is that payments are settled almost instantly, as opposed to the “late, two to 15 day settlement” that he cited as a downside of the methods. current electronic payment systems. He added that instant settlements help consumers and merchants complete their accounting work and know their exact balances faster.

Mallers also revealed Strike’s Partnership with the Blackhawk payment network, which is said to be the largest point-of-sale provider in the world. The company attracted $2.5 billion in annual revenue and its website claims to have products in over 400,000 storefronts in 28 countries.

Related: Samson Mow Introduces New Crypto Nation-State Adoption in Bitcoin 2022

Bitcoin 2022 is already a hotbed of buzz, not just for Bitcoin’ Miami Bull‘ which was unveiled before the opening events, but for Robinhood announcing the launch of its long-awaited crypto wallet two million customers on the waiting list. The wallet will also integrate LN.

The conference has yet to trigger a move in the price of BTC, as the largest crypto by market capitalization has risen just 0.54% in the past 24 hours, trading at $43,594 according to Cointelegraph The data.