The company will start its testing process in two weeks and then activate support. In its first phase, users would have a deposit limit of $ 500.
The lightning network is receiving the P2P service for the exchange of bitcoins, Paxful. Paxful is already paving the way for integrating its system into the Lightning network. The company works on the preliminary tests in two weeks to activate the service.
Paxful CEO Ray Youssef said that the platform has been working in recent days to adhere to new ways to support this second-layer solution over Bitcoin for rapid trades. In a message on Twitter, Youssef said: “I had an extraordinary meeting today about the Bitcoin Lightning Network. This is going to happen, Paxful.”
Previously, on Monday 15th, Youssef clarified the integration, but there are no further details about its progress or its release date.
This Friday, the 19th, Youssef himself responded to an investor on Twitter by referring to the payment channel network issue by saying: “Lightning for the victory!” User @hhua_ also noted that he was impressed by every Paxul achievement regarding the Lightning network.
The investor commented that, with the Paxful user base, it would be the most significant application using the Lightning Network in history. Paxful website stated that the service would have around 5 million registered users globally.
The Bitcoin Lightning Network and Its Parameters
Paxful is about to create a system to evaluate operations on the Lightning network in two weeks. Once the verification happens and the platform’s integration gets its completion, a gradual process will allow operators to deposit and withdraw funds.
Artur Schaback, the co-founder of Paxful, recently announced this action and explained that its parameters to complete its operation remain unclear. Schaback indicated that the maximum amount to make deposits would be about 500 dollars, but there is still no official limit.
In general, renowned bitcoin and cryptocurrency exchanges have been adding support for operations on the Lightning network for years. In December 2019, Bitfinex started offering support with its node.
Recently, Kraken and OKCoin announced that there would be faster deposits and withdrawals due to a supporting system on the Lightning network. Kraken did not specify its activation date but indicated that it would do so sometime in 2021. OKCoin said that the company would set the service’s activation in the first quarter of the year using its node.
According to the recent report, the Lightning Network is a decentralized network for quick payments that works with the Bitcoin blockchain to start a trade channel that is not registered in the said chain until the last amount occurs between both parties.
Faster transactions are always a goal for users within the crypto-world. These new decisions by Paxful are waking up the interest of many personalities in the environment. Users want to feel relief and safety when making a fast transaction and Paxful seems to be working on it.
By: Jenson Nuñez