Lightning Network Adopted by Chilean Bitcoin Exchange Buda

If trading volume is the yardstick, Buda remains one of Chile’s largest virtual currency exchange. The crypto firm has announced that it would be featuring Lightning Network (LN) payments on its trade platform in order to enable its customers to give the second layer scaling solution a trial.

Adopting Lightning Network Payments

Based on the official press statement posted on the company’s blog, it appears the exchange is putting all machinery to enable users to pay through the Lightning Network using funds already deposited on the exchange platform as well as getting all invoices from vendors accepting LN payment. An excerpt from the post reads;

“If everything is ok with the details of your purchase, press the ‘Pay’ button, and in moments you will receive a confirmation with the result of your payment. The Bitcoin that you use will be deducted from your balance, and the payment will appear in the list of recent Bitcoin withdrawals.”

The post reveals that everything is already in place for users to pay using the Lightning Network and also host services on Bitlaunch; prepaid cards, vouchers, and games on Bitrefill; books and art on CoinMall; and so on. The post added that the use of Lightning Network is in its experiment stage as there are still lots services accepting Lightning Network payment.

The Chilean Crypto Sector

This announcement is coming at a very crucial stage in the history of Chilean crypto industry as the anti-monopoly court just ordered two major Chilean banks to open its accounts being; Itau Corpbanca and Banco Estado.
After the local banks shut the accounts of these exchange platforms without a reasonable explanation in April, the top cryptocurrency exchanges slammed the banks with a lawsuit in May. The Fourth Chamber of the Court of Appeals of Santiago had ruled in favor of the exchanges thereby declaring that the Banco Estado had to re-open the account of Orionx.
Similarly, Chilean Apex Bank announced its intention to implement a cryptocurrency regulation in a bid to “monitor associated risks” with the emerging sector in May. Since Crypto MKT integrated a payment processor that enables country’s citizens to buy from over 5,000 merchants; the apex bank has had an increased need to regulate the sector.

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