Jack Mallers, the Chief Executive Officer of the payments provider Strike, which is developed on Bitcoin’s Lightning Network, disclosed an integration with the popular e-commerce firm Shopify. While announcing the news at Bitcoin 2022, Mallers mentioned that the tech allows innovative and peer to peer transactions to replace the old ways.
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The collaboration will allow US Shopify retailers to get BTC payments from different countries. Strike also partners with the software company NCR and payments solutions deliver Blackhawk. Due to Lightning, users will have an alternative to card networks for fast and cheap crypto transactions. People can access the service through Lightning Network-supported wallets including over 70 M CashApp users.
Lightening is a technological solution called layer 2. It operates on top of some blockchain networks taking some percentage of the traffic to layer 2, allowing them to increase scalability.
Citing Senator Cynthia Lummis, Mallers mentioned the need to support the open-payments standard in the USA and establish smart legislation saying that this way the country would continue to be a global financial leader. Recently, Lightning Labs raised $70 M to add support for more crypto and fiat payment options.