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Calypso Pay Adopts Lightning Network And Now Enables Its Users Send And Receive Payments Faster

2022.11.23 22:00

Calypso Pay, a high-volume crypto processing & acquiring platform of Calypso Group, today announces it added support for Bitcoin Lightning Network enabling almost free and near-instant BTC transfers. Along with Lightning, Calypso Pay utilizes automated transaction formation and mempool analysis to credit the funds before they are placed in a block to ensure near instant settlement that Bitcoin network was unable to provide.

The Lightning Network is a second layer added to Bitcoin’s blockchain that allows off-chain transactions. It enhances the scalability of blockchain applications processing millions to billions of transactions per second across the network while still benefiting from the mainnet’s powerful decentralized security. The payment speed is measured in milliseconds to seconds as it excludes from the process the waiting time for block confirmation, and it allows for exceptionally low fees, and thus can be used for instant micropayments. According to the report by Arcane Research, the number of payments in the Lightning Network has roughly doubled over 2021, while their value in US dollars has increased by more than 400%.

Calypso Pay is a high-volume crypto processing platform that lets merchants receive payments in crypto from their clients and pay their partners and workers almost instantly with minimal commissions. Users can create invoices and use the payment widget to accept payments or charge subscriptions with advanced analytics on top. Calypso Pay even provides a dedicated management module for crypto treasuries to cover their specific needs.

Calypso Pay charges 1% for Lightning transactions — same fee as for all other services with no setup fees, no monthly minimums and no hidden taxes. Transfers via Bitcoin Lightning Network are available to all its users without any limitations: they can enjoy cheap and secure payments with instant deposit and withdrawal and no transaction limits.

“Merchants and their clients tend to choose Bitcoin for their transactions, but at the moment this payment channel limits them significantly in speed and volume. We at Calypso Pay strongly believe the Lightning Network offering scalable and instant blockchain transactions will become the way of payments for the future”, says Svyatoslav Dorofeev, CEO of Calypso Group. “Today we’re glad to announce we’re adopting it at the forefront of global payment platforms — we’ll continue working to allow our users to take advantage of Lightning for recurring payments, and beyond.”

The Lightning Network support is powered by the technology of WatchBlock, a SaaS platform for tracing and monitoring transactions. WatchBlock helps customers ensure their incoming payments didn’t originate in dark markets or crypto mixers. WatchBlock is integrated with multiple KYC providers such as including Crystal, to ensure you get up-to-date information and stay compliant.

Both Calypso Pay and WatchBlock are part of Calypso Group, a crypto-native fintech ecosystem for businesses. The Group aims to bring modern fintech experience to the world of web3 and let businesses accept payments in crypto, confirm their origin for regulatory purposes, run payouts and payroll.

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