Bitfury Unveils Suite of Tools to Drive Bitcoin’s Lightning Network Adoption

Bitfury, a blockchain technology firm, has launched a set of tools to drive wider adoption of bitcoin’s lightning network.

Bitfury announced on Wednesday a detailed product list to support the technology even though the network is still under development. The list includes an open-source lightning wallet and software and hardware tools for payment processors and merchants to accept payments. The company also launched developer tools and a public lightning network node dubbed as “The Peach” to allow bitcoin users to open or create payment channels.

According to Bitfury, the product bundle is developed to let lightning network “easier for vendors and consumers to use.”

Lightning, a layer-2 payments technology that debuted on bitcoin in early 2018, allows transactions with instant confirmation speeds without needing to store information directly on the blockchain.

Bitfury’s Lightning Peach Team, the internal group dedicated to developing lightning, built the new tools.

Bitfury CEO Valery Vavilov said, “By providing these products to the market, Bitfury is encouraging worldwide adoption of this technology and providing unparalleled support to consumers and merchants.”

The company said on Tuesday that it was able to integrate lightning technology for crypto exchange BTCBIT.

A Medium post stated that users of the exchange could now “benefit from faster, lower-cost payments,” adding that the integration would “help more people use bitcoin in their everyday lives in a faster and more convenient way.”

Operating as a “full-service blockchain technology company” as its website says, Bitfury was able to close an $80 million funding round led by Korelya Capital, a venture capital firm, way back in November.

Although the company is popular for manufacturing specialized cryptocurrency mining hardware, like the “Clarke” ASIC chip, Bitfury, as part of its corporate agenda, is now seeking to advance the global adoption of blockchain technology.