Buda, one of Chile’s largest cryptocurrency exchanges by trading volume, has recently introduced support for Lightning Network (LN) payments on…
Buda, one of Chile’s largest cryptocurrency exchanges by trading volume, has recently introduced support for Lightning Network (LN) payments on its platform, to allow its users to experiment with the second layer scaling solution.
According to a recently published blog post, users will be able to pay via the Lightning Network using funds they have deposited on the exchange. To do this, all they’ll have to do is get an invoice from a vendor accepting LN payments, and then upload it on Buda’s website.
The post reads:
“If everything is ok with the details of your purchase, press the 'Pay' button and in moments you will receive a confirmation with the result of your payment. The Bitcoin that you use will be deducted from your balance and the payment will appear in the list of recent Bitcoin withdrawals.”
The post details that users can already pay for a few things using the LN, including hosting services on Bitlaunch; prepaid cards, vouchers, and games on Bitrefill; books and art on CoinMall; and more.
The post adds, however, that payments made using the Lightning Network are using new technology that’s still in an experimental phase and, as such, there aren’t a lot of services accepting LN payments.
Buda further points to websites like Y'alls, where users can pay for articles using the network, and Satoshi's Place, a collaborative drawing platform where users pay per pixel. The technology has also recently been used by a programmer in Brazil to build a prototype of a Coca-Cola vending machine.
The Chilean exchange isn’t the first to experiment with the LN. Earlier this year, crypto-to-gold exchange Vaultoro revealed it was accepting deposits through the network, limited to 100 satoshis per transaction because of its young age.
Notably, Buda recently made headlines after seeing Chile’s anti-monopoly court order two major Chilean banks to re-open its accounts. As CCN reported, Buda had filed a lawsuit against ten banks, including those ordered to re-open its accounts: Itau Corpbanca and Banco Estado.
The lawsuit came after the country’s top cryptocurrency exchanges -- Buda, Crypto MKT, and Orionx -- saw local banks shut down their accounts with no proper explanation in April. The Fourth Chamber of the Court of Appeals of Santiago also ruled later that Banco Estado had to re-open the account of Orionx.
Back in May, Chile's central bank revealed that it was considering implementing cryptocurrency regulations to “monitor associated risks” with the nascent market. Crypto adoption has been growing in the country, as Crypto MKT recently integrated a payment processor to let the country’s citizens buy from over 5,000 merchants.
Editor's Note: Some statements have been translated from Spanish.
Images from Shutterstock
Last modified (UTC): October 12, 2018 10:11 PM