Vaultoro Becomes The First Exchange To Implement Bitcoin Lightning Network Payments

May 04, 2018

PRESS INFORMATION:

Vaultoro Becomes The First Exchange To Implement Bitcoin Lightning Network Payments


  • Traders at Vaultoro can deposit Bitcoins instantly and free


  • World’s first exchange to implement Bitcoin Lightning Network


  • Next iteration: traders will be able to send take orders without the need of trusting Vaultoro’s hot wallet


Berlin / London, 4 May 2018​. ​The crypto / physical gold exchange Vaultoro is excited to announce that it is the first bitcoin exchange in the world to have developed and released an implementation of the bitcoin lightning network as an instant deposit method.


Vaultoro was the first exchange to offer a bitcoin / physical allocated gold trading pair more than 3 years ago so users would never have to go back to fiat for hedging volatility. They then revolutionised exchange transparency by developing the glass books protocol so anyone could independently prove that Vaultoro was always above full reserve, making them the most transparent exchange in the world while keeping clients fully private. 


With this announcement, Joshua and Philip Scigala have once again made history in the crypto space by making Vaultoro the first exchange to accept payments through the bitcoin mainnet lightning network. 


“This first implementation will allow Vaultoro’s users to send Bitcoins instantly, cheaply and privately. Our next goal is to enable people to take orders from the order book directly from their controlled wallet. Vaultoro traders will be able to deposit funds in milliseconds without having to trust our exchange hot wallet if set to instant order. Our goal at Vaultoro has always been to make the exchange radically transparent and now with lightning network, market takers will have no need to trust our hot wallet.” Joshua Scigala


Vaultoro was the first exchange to back the user activated soft fork effort in May 2017 to help unlock the upgrade stalemate that had unfortunately locked the community into a ridiculous quarrel.


“I believe bitcoin will eventually need to up the block size a little, however, we definitely also needed segregated witness which opens a world of opportunities to the bitcoin protocol including massive scalability, instant payments, almost free transactions, massive privacy boost, smart contracts and more.” Joshua Scigala


How it works?


To try it out is easy.

  1. download the Eclair Lightning Wallet on android, 
  2. send some bitcoin to it and open up a channel by putting some bitcoin into the network with any other connected node using auto-connect. 
  3. Once you have a payment channel loaded, log into your Vaultoro account, click deposit and select lightning payment. 
  4. Enter an amount you would like to send and Vaultoro’s system generates a QR code. 
  5. Scan with eclair and boom! Instant, free payment and ready to trade. 


We would be delighted to organize a background discussion/interview for you with the two Vaultoro founders Joshua Scigala (CEO) and Philip Scigala (CTO). 


About Vaultoro  

Since 2015, the fintech start-up Vaultoro has been working toward its vision of developing the world’s biggest asset-based banking solution. The goal: creating a fair, global financial system for everyone. Vaultoro wants to enable everyone to easily and quickly manage their physical and digital assets such as gold, silver or bitcoin. The start-up creates technical solutions with which customers can use their physical gold as a means of payment. Its products include Vaultoro Trading, the world’s first real-time trading platform for gold and bitcoin, as well as Bar9, the gold savings account. To date, more than 1.5 tons of gold (with a current value of 55 million dollars) have been traded via Vaultoro and the quantity of gold traded is increasing every month by an average of 86 percent. Vaultoro’s head offices are located in Berlin and London. The start-up currently has more than 10,000 customers from 94 countries. ​www.vaultoro.com 

 

Press contact: 

Gabriel Escalona
CMO
Tel +49 173 360 19 25