Non-custodial peer-to-peer (P2P) bitcoin (BTC) exchange HodlHodl announced Lightning Network support in a Medium article published on June 5.
The announcement claims that now “everyone is able to buy bitcoins and receive them directly into their Lightning wallet & sell bitcoins directly from their Lightning wallet.” The post also notes that the platform has previously tested Lightning Network support on the test network.
The company reportedly only implemented Lightning Network support after successful testing. The post further highlights that the actual procedure will not be much different when compared to the usual HodlHodl transaction:
“The only difference is that for the contract lifetime we hold funds in our Lightning wallet which protects both buyer and seller from scams, and the contracts become cheaper, faster and simpler. ”
Lastly, the company notes that the implementation will not affect the rest of the platform, and that the regular bitcoin on-chain multisignature contracts used on the platform will still be non-custodial.
As Cointelegraph reported yesterday, P2P crypto exchange LocalBitcoins — HodlHodl’s major competitor — has officially confirmed the removal of trading in local fiat currencies.
LocalEthereum, the similarly-named platform catering to ether (ETH) traders, announced it had removed cash transaction fees as a direct response to LocalBitcoins’ action.