Peer-to-peer cryptocurrency exchange Paxful has integrated Lightning Network into its platform, giving its vii 1000000 users admission to near-instant Bitcoin (BTC) transfers.

The new feature gives users the ability to transport and receive BTC from their Paxful Wallet in a affair of seconds and with much lower fees than existing blockchain transactions, the company announced Tuesday.

Paxful co-founder and CEO Ray Youssef described Bitcoin as "the best financial option" only acknowledged that scalability issues could be hindering adoption. He said Lightning Network is Bitcoin's greatest chance of achieving the scalability needed to make microtransactions a reality.

Related: Journeys in Blockchain: Ray Youssef of Paxful

The global online microtransaction market was valued at roughly $34.6 billion in 2022 and is expected to grow at a compound almanac growth rate of 10% over the side by side four years, according to industry research. The video game industry and the virtual goods and services that it propagates are becoming a major catalyst for the growth of microtransactions.

Lightning Network is being developed to facilitate Bitcoin payments and allow users to quickly and reliably appoint in off-chain transactions through a 2nd layer. Lightning currently boasts over 26,500 nodes for a network chapters of 2,468.93 BTC at the time of writing.

In the absence of a viable transaction layer, Bitcoin has carved out a strong niche as an investable asset. Even so, creating an electronic greenbacks organisation was a cardinal component of Satoshi Nakamoto's 2008 Bitcoin white paper. (Interestingly, and as Cointelegraph recently explained, the Bitcoin founder's forum posts and correspondences used "cash" and "gold" synonymously.)

Related: Not dead yet: Bitcoin network logs 700,000th block every bit adoption grows

At that place's strong reason to believe that Lightning Network will achieve wider utility on the Paxful trading platform. As of Apr 2022, the P2P exchange had candy over $5 billion in book, with Africa — a region that is quickly adopting Bitcoin as a medium of commutation — emerging as ane of its biggest markets.