Peer-to-peer cryptocurrency exchange Paxful has integrated Lightning Network into its platform, giving its 7 million users access to near-instant Bitcoin (BTC) transfers.
The new feature gives users the ability to send and receive BTC from their Paxful Wallet in a matter of seconds and with much lower fees than existing blockchain transactions, the company announced Tuesday.
Paxful co-founder and CEO Ray Youssef described Bitcoin as “the best financial option” but acknowledged that scalability issues could be hindering adoption. He said Lightning Network is Bitcoin’s greatest chance of achieving the scalability needed to make microtransactions a reality.
The global online microtransaction market was valued at roughly $34.6 billion in 2021 and is expected to grow at a compound annual growth rate of 10% over the next four years, according to industry research. The video game industry and the virtual goods and services that it propagates are becoming a major catalyst for the growth of