Peer-to-peer crypto exchange Paxful has reportedly completed the integration of Lightning Network into its platform, offering an access gateway into near-instant Bitcoin (BTC) transfers. 

Specifically, the new update will reportedly provide facilitating features supporting the transferring and receiving BTC from customers’ Paxful Wallet in only seconds with a reduced fee compared to the currently employed blockchain transactions.

Co-founder and current Head of Paxful, Ray Youssef, reportedly referred to Bitcoin as “the best financial option”, but also believed that obstacles related to scalability could be hampering the adoption rate. 

He reportedly claimed that Lightning Network is the most significant opportunity for Bitcoin to acquire sufficient scalability to achieve microtransactions. 

The international online microtransaction market reportedly accumulated an overall value of approximately $34.6 billion this year, with expectations to develop at a compound yearly growth rate of 10% throughout the next four years. 

The video game sector as well as the virtual goods and services that it cultivates are turning into a significant catalyst for the growth of microtransactions.

Lightning Network is reportedly undergoing additional development to Bitcoin payments and offering users the feature of fast and reliable engagement in off-chain transactions via a second layer. 

Lightning is reportedly believed to be facilitating more than 26,500 nodes for a network capacity of 2,468.93 BTC at the time of writing.

Without the presence of an appropriate transaction layer, Bitcoin has reportedly established a concrete niche as an investable asset.