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Paxful is coming to Bitcoin’s Lightning Network for faster transactions

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The P2P service for the exchange of bitcoins, Paxful, is preparing the way for what will be the integration of its platform to the Lightning network. The company will carry out preliminary tests in two weeks and then activate the service progressively.

Paxful CEO Ray Youssef confirmed that the platform has worked in the last few days to add support to this second layer solution about Bitcoin for instant transactions. Through a message on Twitter, Youssef said: “I had an amazing meeting today about the Bitcoin Lightning network. This is going to happen Paxful ».

Previously, on Monday 15, Youssef confirmed the integration to CriptoNoticias, but without adding details about its progress or the launch date.

This Friday the 19th, in response to an investor on Twitter, Youssef again referred to the issue of the payment channel network by saying: “Lightning for the victory!” User @hhua_ had commented that he was impressed by what Paxful had done with the Lightning network.

“With the Paxful user base, it will be the largest application using the Lightning Network in history so far,” was the comment posted by the investor. According to the Paxful website, the service would have around 5 million registered users globally.

Parameters about the Bitcoin Lightning network

Paxful will evaluate operations on the Lightning network in two weeks. Once it has been verified that the integration with the platform was executed correctly, a gradual process for operators to start making deposits and withdrawals.

This was announced by Artur Schaback, co-founder of Paxful, who explained that the company has not yet established the parameters for its operation. Quoted by Decrypt, Schaback indicated that, for example, the maximum amount to make deposits would be about 500 dollars. However, there is still no official limit.

For years, renowned bitcoin and cryptocurrency exchanges in general have incorporated support for operations on the Lightning network. CriptoNoticias reported in December 2019 that Bitfinex would begin offering support with its own node.

More recently, exchanges Kraken and OKCoin announced faster deposits and withdrawals with support on the Lightning network. Kraken did not specify the date of its activation, but indicated that it would do so sometime in 2021. OKCoin said it would enable the service in the first quarter of the year using its own node as well.

According to the CryptoNews glossary, the Lightning network is a decentralized network for instant payments that uses the Bitcoin blockchain to initiate a channel of transactions that is not registered in said chain until the last payment is made between both parties.