Lightning Network sees another implementation as Fold allows users to spend BTC on Amazon, Uber, etc

  • 11 July 2019, Thursday, 08:40

The cryptocurrency space witnessed a growing curiosity among retail giants this year. Interestingly, there have been a growing number of firms seeking to build a channel between the crypto world and the e-commerce field.

The latest one to bolster the use of cryptocurrencies in retail space is Fold. In a strategic move, one of the oldest crypto-based payment apps, started in 2014, announced an integration with the Lightning Network protocol to allow its users to shop in big online and offline retail stores like Amazon, Uber, Starbucks REI, Home Depot, Southwest Airlines, Target, AMC, Whole Foods and many more with Bitcoins.

Unlike conventional platforms, payment via Fold’s latest P2P feature requires no KYC, mandatory signup, hidden markups, or altcoins for its thousands of users around the globe and, in fact, is completely non-custodial. The official note read,

“Fold preserves the way Bitcoin is meant to be used.”

Speaking about the implementation of the Layer 2 protocol aka Lightning Network, Fold CEO Will Reeves said,

“Long confirmation times and, especially, high on-chain fees made it unworkable for most consumer and retail situations. Because of those challenges, we’ve been very proactive in adopting and building on Layer 2 solutions, like Lightning, as early as we could so we could actually make bitcoin payments work”

Source: ambcrypto.com