You can now use the Lightning Network to shop on stores powered by Shopify.
The e-commerce platform now features a Bitcoin mainnet and Lightning Network plug-in for its more than 500,000 merchants, courtesy of OpenNode. On-chain payments on Shopify have been possible for sometime through BitPay, but this recently struck partnership is the first to bring the promise of cheap, split-second Lightning payments to the platform.
“Other payment processors have failed to provide a smooth experience for both the customers and the businesses using them and we intend to improve the overall experience,” OpenNode CEO Afnan Rahman told Bitcoin Magazine.
One of the newest entrants to the Bitcoin payment processing arena, OpenNode has focused intently on the Lightning Network. With $1 million and some change in funding from Draper Associates, the company has sought to accelerate Lightning adoption and, as a recent partnership with the Blockchain Education Network indicates, to foster education and development on Bitcoin’s growing payment layer.
“It is important to note that we are and always will be a Bitcoin-only platform and we intend to remain on the cutting edge of the Lightning protocol,” Rahman said.
It has also integrated with other e-commerce gateways OpenCart, PrestaShop and WordPress’ WooCommerce. In addition to being in step with the Lightning Network’s growth, these integrations fit into the growing trend of bitcoin acceptance by merchants and buyers as a payment option. According to Chainalysis, this figure has increased from $10 million in monthly payments to $150 million in six years.
For each of its e-commerce partners, OpenNode provides documentation and APIs to integrate its payment portal as an extension. The service is compatible with all Bitcoin wallets, whether they are based on Lightning or on-chain. Merchants can also mediate bitcoin’s volatility by converting to fiat instantly at point of sale; this feature is available for USD, GBP, EUR, AUD, MXN and BRL.
For merchants interested in using OpenNode for bitcoin payments, the platform offers feeless transactions for up to the first $10,000 in sales.
Colin is an associate editor and staff writer for Bitcoin Magazine. He's proud to call Nashville his home, where he spends his days shouting at peddle taverns and trying to find affordable parking downtown. If it wasn't already obvious, he holds bitcoin.