During the Miami event, Jack Mallers, the founder of Zap, announced that Bitcoin (BTC), the largest cryptocurrency by market cap, will be available for over 400,000 storefronts and all US Shopify sites users to leverage via Lightning Network.
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According to an announcement during the event, Lightning Network wallet, Strike, partnered with Shopify, NCR, and Blackhawk Network. As recounted by Mallers, the new development implies that any website that uses Shopify online card transactions can now process payments using Bitcoin’s Lightning network.
The partnership that is now officially live is seen as a significant step toward the mass adoption of Bitcoin (BTC).
Jack Mallers noted:
“Any online merchant that uses Shopify can accept payments without the 1949 boomer network, receive it instantly, cash final, no intermediary no 3% fee.”
During the presentation, a slide with a list of some of the biggest retailers in America appeared, including McDonald’s, Walmart, Home Depot, and Best Buy.
Although there is no detailed information on how some of these retailers will start accepting Bitcoin, Mallers claims that over 400,000 storefronts will now accept the flagship crypto through the Lightning Network.
The Lightning Network is a layer two solution for the Bitcoin blockchain, which uses smart contracts to settle payments instantly with relatively low transaction fees. It boosts the scalability of Bitcoin (BTC) in order to compete with fiat currencies across the world.
Mullers’ presentation received lots of support, especially from the likes of Twitter’s Jack Dorsey, Anthony Pompliano, and Ran NeuNer.
Mullers, in his presentation, emphasized the lack of innovation in the traditional financial system over the last couple of decades.
Jack Mallers noted:
“There’s not been since 1949 a superior payments network that allows us to innovate, build on financial inclusion, and offer cheaper services faster services. My grandfather used the same technology as I do. That’s not American, that’s bullshit.”
Going by his presentation, retailers will gain the ability to receive Bitcoin from customers and instantly convert it to fiat without transaction fees or processing delays.