Crypto Payment Firm CoinGate, VPN Provider SurfShark Trial Lightning Network For Litecoin

Announcements, Innovation, News | January 21, 2019 By:

Crypto payment gateway CoinGate has selected privacy service provider Surfshark to be the first merchant to test the Litecoin Lightning Network (LN) solution.

Founded in 2014, CoinGate enables various businesses to accept bitcoin and altcoin payments. It offers payouts either in bitcoin, or in EUR/USD, eliminating any risk associated with bitcoin price volatility. Users can also buy bitcoins from CoinGate using bank transfer, credit and debit cards, and mobile balance (phone credit), or sell their bitcoins to the company.

The Lightning Network claims to be the solution to bitcoin’s slow blocks and high fees, which make everyday spending impractical. CoinGate, which have been putting a lot of effort into shaping the Lightning Network as the future of cryptocurrency trading, believes LN provides a cheaper and faster solution for cryptocurrency transactions.

After it successfully launched the very first bitcoin LN tests in July 2018, CoinGate decided to develop the technology for the Litecoin network. The first merchant to sign on to the Lightning Network trial using Litecoin is SurfShark.

“Since the launch, we saw over 30,000 created orders to pay with Lightning which suffice as a strong sign that both our customers and the crypto community have a keen interest in this development,” CoinGate said. “Seeing the huge potential it has, we decided to keep developing the feature, but this time, for Litecoin.”

CoinGate and SurfShark believe the Litecoin LN trial is a great starting point considering VPNs are one of the most used services for crypto payments, in part due to the shared connection around online privacy as well as the low cost subscription required to use the service.

“The core premise of Surfshark is the privacy of our users,” said Magnus Steinberg, Chief Marketing Officer at Surfshark. “Most privacy enthusiasts, and especially crypto owners, will always likely choose cryptocurrencies to subscribe to our service. Therefore, it is essential that such transactions would happen in a timely manner, and CoinGate’s Lightning Network will us help us achieve that.”

“We picked up Surfshark as it fits all of our criteria, and has a perfect product for transacting on the LN,” CoinGate said. “On top of that, they provide a highly secure product, according to the independent web security testers Cure53. Therefore CoinGate team, as security and privacy advocates, picked SurfShark as the first merchant to test the Litecoin Lightning Network, and more will join as we move forward.”