The world's largest pure-digital payments network expands Pay with Flexa functionality and introduces Transformers to empower zero-fraud Lightning payments across all merchants.
FREMONT, CA: Flexa, the global leader of the world's fastest and most fraud-proof payments network, announced today that it would enable Flexa merchants to receive payments via the Lightning Network in stores, mobile apps, and online. This new integration, which builds on Flexa's recently launched "Pay with Flexa" platform, marks the first time that merchants who want to accept bitcoin via Lightning can do so in a fully compliant and fraud-proof manner.
The Lightning Network, the most popular layer 2 scaling solution for Bitcoin, enables payments to be processed faster and more privately than they would natively on the Bitcoin blockchain, specifically through the use of an off-chain "payment channel" protocol. Lightning was introduced in 2015 and has grown in popularity among bitcoin users in recent years. Flexa's addition of Lightning support allows merchants to accept payments from more bitcoin holders than ever before, including users of popular and soon-to-be-released Lightning-enabled wallet apps like Eclair and Chivo.
"Flexa is committed to enabling pure-digital payments for as many merchants and as many of their customers as possible," said Tyler Spalding, CEO of Flexa. "The Lightning Network and Flexa share the same goals of making digital asset payments more user-friendly, more private, efficient, and accessible for people all over the world. We're delighted to begin accepting Lightning payments network-wide, and we look forward to enabling merchants to receive payments through additional Layer 2 scaling solutions and native blockchains in the near future."
Flexa is also announcing Transformers today, allowing layer 2 scaling solutions like the Lightning Network to connect to Flexa Capacity, the collateralization platform Flexa uses to guarantee payments against fraud or theft. Flexa locks a commensurate amount of Amp as collateral in Flexa Capacity smart contracts to ensure that all Lightning payments to merchants are secure from the time they are authorized until their full on-chain confirmation. Individual stakeholders who provide Amp collateral earn network rewards based on the payment volume processed through Flexa's Lightning nodes in exchange.As a result, merchants can be assured that payments processed through Flexa's Lightning integration will never be lost.
Lightning payments powered by Flexa are now available to select partners and merchants in El Salvador. They will be available to all Flexa merchants in the coming weeks. Merchants interested in accepting Flexa-powered digital currency payments, including Lightning Network payments, can learn more about Flexa's integration offerings.