Shopify Merchants Can Accept BTC Payments Over the Bitcoin Lightning Network

Chicago-based payments app Strike has integrated with global e-commerce giant Shopify so merchants can accept bitcoin payments via the bitcoin lightning network.

The Lightning Network (LN) is Bitcoin's layer-two scaling solution designed to facilitate faster and cheaper transactions.

Strike CEO Jack Mallers revealed the new integration at the Bitcoin Conference 2022 in Miami. The move will allow nearly 2 million Shopify merchants around the world to accept bitcoin payments denominated in U.S. dollars. However, the only merchant mentioned in Strike's official announcement is Los Angeles-based streetwear label Warren Lotas, whose website is down at the time of writing.

Shopify is the 18th largest e-commerce company in the world, with annual revenue of about $4.6 billion, according to market research site Macrotrends. Its service allows merchants to open online stores in 175 different countries.

"If I want to use a different payment network for whole foods, McDonald's, this is it... As a merchant, you can receive BTC payments, get Starbucks points, I don't care."

— Bitcoin 2022 (@TheBitcoinConf) April 7, 2022

The official Twitter account for Bitcoin Conference 2022 said the integration was live, citing Mallers’ condemnation of the modern payment system that began with Diners Club in 1949:

“Any online merchant using Shopify can accept payments without using the 1949 baby boomer network, receive payments instantly, no middlemen, and no 3% fees​.”

According to Mallers, one of the main advantages of using Bitcoin over the Lightning Network is that payments are almost instant, as opposed to the "2 to 15 day delayed settlement" he cited as a drawback of existing common electronic payment methods. . Instant settlement helps consumers and merchants get their accounting done faster and know their exact balance sooner, he added.

Mallers also revealed Strike's partnership with the Blackhawk payments network, which it says is the largest point-of-sale provider in the world. The company has $2.5 billion in annual revenue, and its website says it sells products in more than 400,000 stores in 28 countries.

Bitcoin Conference 2022 has become a hotbed of buzz, not only because of the Bitcoin "Miami Bull" unveiled ahead of the opening ceremony, but also because Robinhood announced the launch of its long-awaited crypto wallet to 2 million customers on a waiting list. The wallet will also integrate LN.

The conference has yet to trigger price volatility for bitcoin, which is up just 0.54 percent in the past 24 hours to trade at $43,594, according to data from Cointelegraph.

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