Coingate and Surfshark pilot the long-anticipated Litecoin Lightning Network

18 Jan, 2019
by Joeri Cant
News
Coingate and Surfshark pilot the long-anticipated Litecoin Lightning Network

Cryptocurrency payment processing company CoinGate partnered up with privacy service provider Surfshark to start a pilot project of the long-anticipated Litecoin Lightning Network solution.

According to CryptoNinjas, the cryptocurrency payments platform Coingate announced that they have started its Litecoin Lightning Network trial with VPN provider, Surfshark.

'From now on, customers of our selected merchant will be able to purchase goods and services using the Lightning Network. When the pilot test ends, which is expected to happen at the end of February, we will make the Litecoin’s Lightning Network available to all 4,500 of our merchants', Coingate's blog post reads.

CoinGate enables businesses to accept all major cryptocurrencies as well as a various amount of altcoins. Their clients can choose Bitcoin, dollars, or Euros as their designated payout.

Veronika Mishura, Coingate's marketing manager, believes that integrating the Litecoin Lightning Network, will increase the incentive to use cryptocurrencies due to the reduction in fees.

'Due to quite low price, it is usually a no-win to pay for it with Bitcoin or Litecoin; and that’s exactly what Lightning should solve. That’s what we are trying to showcase that paying even for low-priced products should be possible, convenient, and cheap using cryptocurrency.'

Surfshark will be the first company in the world to accept Litecoin payments via the Lightning Network during the test phase.

The Chief Marketing Officer at Surfshark, Magnus Steinberg said that the core premise of Surfshark is the privacy of their users.

'Most privacy enthusiasts, and especially crypto owners, will always likely choose cryptocurrencies to subscribe to our service. Therefore, it is essential that such transactions would happen in a timely manner, and CoinGate’s Lightning Network will us help us achieve that', he said.

'Due to privacy reasons, VPN industry is one of the most common ones for crypto transactions. By hiding user’s real IP address and encoding any information the user sent to and downloaded online, a VPN provides the necessary protection layer to make cryptocurrency owner truly safe from being identified', Steinberg explains.

In September 2018 the LN solution was successfully tested by more than 4,000 CoinGate’s merchants for Bitcoin transactions.

Read more: CoinGate announces the launch of Lightning Network payments through its service

Coingate said that they have high hopes that their Lightning Network on Litecoin will work as smoothly as it works on Bitcoin.

'This is an exciting time for us and the blockchain industry, though we are still in the early stages of cryptocurrency adoption. However, we are proud to be among the early adopters with the ability to provide working solutions to the crypto community and merchants across the world.'

Read more: Why did Charlie Lee sell all of his Litecoin?

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