Buda exchange, one of Chile’s largest cryptocurrency exchanges by trading volume has recently introduced support for Lighting Network payments (LN) on its platform. Buda looks to enable users experiment with the second layer scaling solution.
According to the exchange’s publication, users will be able to make payments via the Lightning Network using funds deposited on the exchange. To complete the payment process, users will need to get an invoice from a vendor accepting LN payments and subsequently upload invoice on the Buda website.
The publication reads:
At Buda.com even though we’re an exchange, we are also convinced that the future is going towards total decentralization. But we also know that along the way the world needs some temporary centralized services that allow less technical users (or with less time!) to try and use this technology. This will surely allow the ecosystem of crypto payments to keep growing while more decentralized solutions mature.
Therefore, after much effort we are very happy to tell you that from today we are giving the possibility to any Buda.com user to pay in Bitcoins using Lightning Network; without having any technical knowledge at all. All accounts now have a simple way to pay with Lightning and payments will be deducted directly from their Bitcoin balance in the exchange.
The exchange also listed a few platforms, products and services already accepting payments via the Lightning Network. They include; hosting services on Bitlaunch, prepaid cards, vouchers and games on Bitrefill, books and arts on CoinMall. Also article purchases on Y’alls, pay per Pixel services on Satoshi Place, games purchase on JoltFun, SMS services on LNSMS among others.
However, Buda specified a bit of caveat as reminder to users, stating that payments using the Lightning Network are a new technology still in its experimental phase hence only a few service points are accepting LN payments at this time.
The Chile based exchange is not the first exchange to accept LN payments. Earlier this year, Vaultoro– a crypto to gold exchange platform had announced it was accepting deposits through the Lightning Network with a limit of 100 satoshis per transaction due to the young age of the LN technology.
Buda exchange had notably made headlines in April after it won a case against two Chilean banks-(Itau Corpbanca and Banco Estado) at the Chile anti-monopoly court. Buda had filed a lawsuit against ten banks in the country and succeeded in obtaining a court order directing the above banks to re-open its accounts with them. The lawsuit was instituted by Buda and other exchanges after majority of Chile’s local banks shut down their accounts in the country without any notification or explanation to this effect.
Crypto adoption on its part has been growing in the South American nation as its exchanges now offer more features and payment processors; even as the nation’s central bank is said to be considering steps towards cryptocurrency regulation hinting at associated risks involved in crypto market.
Ever heard of the Lightning Network (LN)? Read here about it here- BTC.ng