Cryptocurrency exchange Bitfinex and crypto store Bitrefill partnered to let the trading platform's clients to shop with Bitcoin (BTC) over the Lightning Network.

Co-ordinate to a printing release published on Dec. 4, Bitfinex users tin can instantly pay for a variety of services with Bitcoin that they hold on the substitution equally of today.

A Lightning B2B settlement system

Per the printing release, the companies attribute the evolution to the "earth's first dynamic B2B settlement process over the Lightning Network." The announcement builds on recent news that Bitfinex enabled Bitcoin Lightning Network transactions and that those using it for deposits and withdrawals will pay almost no fees. The companies explained that setting up such a system required some tinkering:

"Bitfinex and Bitrefill utilize customized versions of Lightning to open up large channels together, exceeding the default limits in identify, but assuasive better menstruum and reliability to users."

The collaboration between the two firms will allow the substitution's customers to purchase over 2,000 different prepaid vouchers with Bitcoin. The vouchers tin can cover the costs of services and products relevant to gaming, dining, entertainment, travel and more.

Lightning adoption by exchanges is essential

When Bitfinex users buy products from Bitrefill, the system put in identify past the two firms instantly settles the payments over Lightning Network. Bitrefill chief commercial officeholder John Carvalho explained why he believes Lightning adoption among exchanges is important and where he thinks it will lead:

"We believe that getting Bitcoin exchanges on to the Lightning Network early on is integral to preparing for the next wave of adoption and building out a parallel economy for Bitcoin. [...] Nosotros will continue to work closely with Bitfinex and other businesses to develop Lightning solutions and products that make living on crypto a reality, eventually removing dependability on fiat rails."

The Lightning Network sees increasing traction and adoption in the cryptocurrency space, with many placing high hopes on its potential to make Bitcoin a viable payment tool.

Every bit Cointelegraph reported final month, bond market veteran Nik Bhatia says that Lightning Network convinced him of Bitcoin's potential. Besides in November, Bitcoin payments app Fold rolled out support for home-sharing giant Airbnb, effectively enabling to book stays included in the service with Lightning Network.