Not deterred from its goal as an established payment form, Litecoin enlists CoinGate as its payment processor
With one of the major issues faced by cryptocurrencies as a payment form of day-to-day transactions scalability, Litecoin has managed to move ahead by partnering with established payment platform, CoinGate as its processor.
The official announcement came in lieu of the recent post on twitter by CoinGate regarding the decision of Litecoin foundation to partner with the platform. The leading payment platform had pointed out that it would be working with the Foundation on the development of Litecoin’s Lightning Network.
“We are thrilled to announce that #LitecoinFoundation accredited CoinGate as the official trustworthy #Litecoin payment processor. With the confidence of the Foundation, we continue our work on the upcoming Litecoin’s #LightningNetwork. More info on that soon!” the tweet read.
CoinGate as Litecoin’s Payment Platform
The rise of payment platforms has admittedly been one of the major ways of bridging the gaps between the crypto and fiat world. CoinGate since its integration in 2014 has sufficiently provided a way for seamlessly converting crypto to fiat and vice-versa.
The platform gives its customers the opportunity to pay traders in cryptocurrency and with these traders allowed to cash out their cryptocurrencies in forms of fiat currencies albeit limited tog v the US Dollars and Euros.
The payment processor works in various ways for merchants based on the nature of their businesses. CoinGate gives e-sellers the opportunities to avail themselves of their money by adding web plug-ins to their accounts or by adding payment buttons to their website. Real-world merchants can accept their cryptos through an app.
The payment processing platform has been noted to have supported about 50 altcoins with Litecoin one of these. However, it is no news that the decentralisation of cryptocurrencies has been of the major issues that has plagued their adoption into the mainstream financial market.
CoinGate is, on the other hand, a centralised platform which, in true form, is one part frowned upon by the crypto world. Hence, the integration of CoinGate with Litecoin’s Lightning Network is set to establish an element of unity between the two worlds.
With the Lightning Network built to rely on peer-to-peer nodes for transactions, CoinGate’s integration with the Network is set to make it less centralised. This could, in fact, facilitate a move towards mainstream adoption and in turn, establish an element of trust between the fiat and crypto market.