CoinGate Merchants Can Now Transact on the Lightning Network

The startup cryptocurrency payment gateway CoinGate now offers support for its merchants to transact through the Lightning Network.

The over 4000 merchants who utilize the payment service offered by CoinGate can conduct instant low-fee micropayments by opening channels on the Lightning Network. Back in July of this year, Coingate conducted a trial run of the network involving over 100 of their merchants.

Since the soft fork of the Bitcoin Blockchain on August 24, 2017 known as Segregated Witness, second layer solutions for bitcoin scaling, such as the Lightning Network, could now be implemented.

Unfortunately for citizens of the United States, CoinGate has not yet been able to conduct business here. The company, however, continues to work towards the goal of offering their services to U.S. merchants by next year, as reported by Forbes.

According to the Lightning Network tracking website 1ML, the network currently runs 3,375 nodes (2,470 are public), 11,293 channels, and has a network capacity of 101.64 bitcoin.