Bitfury to Introduce Lightning Network to Paytomat for Instant Restaurant Transactions

For quite some time, we have read a lot on how blockchain technology and cryptocurrency could radically transform significant industries in the close future, but what about now? Well, there are many organizations, firms, and brands that are already adopting the cryptocurrency revolution.

The Bitfury Group seems to be on the path to making cryptocurrency use closer to the average individuals. An official announcement today from Bitfury confirmed the new partnership with Paytomat, a blockchain-based payment processor, to bring forth their Lightning Network.

The new network would see payments through Paytomat's merchant and digital wallet app become transformed to include faster transacting.

Bitfury has our own #LightningNetwork engineering team, @lightning_peach that works every day to bring faster payments to bitcoin. Today is a huge milestone as they’ve announced a partnership with @paytomat , a leading merchant plugin startup. https://t.co/Vp4BnBwEjN

— The Bitfury Group (@BitfuryGroup) November 29, 2018

What is the Lightning Network?

The Lightning Network is an open-source network structure produced by Bitfury's engineering team, LightningPeach. The network is layered on the Bitcoin Blockchain to allow for users to quickly and efficiently send and receive their Bitcoin payments almost instantly. The LightningPeach team will be in charge of ensuring the technical implementation of the network become operational and successful

According to Head of LightningPeach, Pavel Prikhodko, the Paytomat collaboration presents an opportunity for both parties to expand their crypto transacting capabilities.

“The launch of the Lightning Network allows consumers from around the world to use cryptocurrencies to make everyday purchases. Through partnerships like Paytomat, we are one step closer to making it every point of service terminal cryptocurrency-friendly and Lightning Network-enabled.”

Paytomat's CEO and Founder, Yurii Olentir, further expresses the opportunities customers should expect from accepting crypto payments through a new experience that increases the convenience of transactions. He adds:

“Businesses are willing to accept Bitcoin as a payment method, and crypto enthusiasts are also willing to pay using it. We will give an opportunity to do it for both of them. But with the new Bitfury partnership and the implementing of the Lightning Network to our ecosystem, this opportunity could become quick and efficient enough.”

Moreover, the CEO points out at the excitement the development of their crypto payment solutions to bring convenience to the real world.

“We are happy to develop the future of the crypto market together by making the fast crypto-payments real.”

The Road Ahead

The Lightning Network wallet application brings the much-needed convenience of low-costs and instant Bitcoin payments for all users. Consequently, such collaboration would make buying and selling of goods and service intuitive and straightforward for those using Bitcoin.

About Bitfury Group

The Bitfury Group is a fully-fledged blockchain service and technology firm that delivers cutting-edge hardware and software solutions necessary for businesses, governments and individuals to securely mover crypto assets on the blockchain.

Some of the company's trusted and transparent innovations include semiconductor chips, mobile data centers, advanced analytics platform Crystal Blockchain and the private blockchain network, Exonium.

About Paytomat

Paytomat is an Estonian-based software solutions firm that assists in real-world adoption of cryptocurrency through a wide range of products for businesses. Already, Paytomat covers multiple merchants across Europe with payment processing integrated alongside different merchant systems without the need for additional hardware or third-party software solutions.