Users of the Shopify platform can now make payments with Bitcoin (BTC) via the Lightning Network.
The Lightning Network was born out of the need for fast, seamless transactions that won’t clog up the main-chain of Bitcoin. With the OpenNode plug-in, Bitcoin Lightning payments help to take the industry one step closer towards mainstream adoption.
Thanks to the integration of OpenNode, the Shopify e-commerce platform now features a Bitcoin mainnet and Lightning Network plug-in for its more than 500,000 merchants. While on-chain payments on Shopify have been possible for some time through BitPay, the new plug-in brings quicker and cheaper transactions to the platform.
We are now an official @Shopify payments partner!🎉
Learn more here 👇🏾https://t.co/urn83iqQv2
— OpenNode (@OpenNodeCo) August 28, 2019
Shopify Rides the Lightning
OpenNode, the company that raised funds from prominent investors like the Draper Associates, has been heavily focused on bringing forth the Bitcoin Lightning payments adoption. Aside from Shopify, the company has implemented its solution for other payment gateways like OpenCart or WooCommerce, as well.
For each of its partners, OpenNode provides documentation and APIs for integration as an extension. The service is compatible with all Bitcoin wallets, whether they are based on-chain, or on the second layer Lightning Network.
Leading the Adoption Front
OpenNode has made the integration very simple — all merchants need to do is install the OpenNode extension in the Shopify dashboard. It charges a flat one percent for all incoming Bitcoin transactions, which makes sales in Bitcoin very attractive for merchants. Furthermore, OpenNode has addressed the chargeback fraud that has plagued online store owners, as instant Bitcoin transactions cannot be charged-back.
The second-layer solution for Bitcoin has caught a lot of attention from investors and users. In only its second year, the Lightning Network has been implemented across existing merchant platforms — a sign of a good product-market fit.
What do you think of the OpenNode extension on Shopify? Will many online merchants jump on board? Let us know your thoughts in the comments below.
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