During the recent 2019 Lightning Network Conference in Berlin, Germany, a new partnership was born between the P2P platform for Hodl Hodl cryptocurrency exchange and the popular Lightning-enabled bitcoin wallet, BlueWallet.
From this alliance, users of both services will benefit from the interface of an integrated application, which will allow instant commerce both in the blockchain and in the Lightning Network (LN). So far, companies have not announced the official launch date, but expect these functions to be available sometime at the end of 2019 or for the first half of 2020.
Increase in liquidity and adoption
The partnership between these companies is an extension of previous experiments carried out by the BlueWallet portfolio with the “market” and “LApp browser” functions. It also intersects with the new open source collaboration philosophy of Hodl Hodl.
The result of this joint development effort will lead to a special function, which is intended to increase liquidity on both platforms. At the same time, it seeks to accelerate the adoption of LN.
More specifically, users can buy and sell bitcoins listed in Hodl Hodl without having to leave the BlueWallet interface. At the same time, they will benefit from an effective multi-signature custody system. About it, the CEO of BlueWallet, Nuno Coelho, commented the following to a media outlet:
We have been trying to boost the adoption of Lightning during this year with several experiments, such as the “market” and the “LApp search engine”. This will be the first time that we will integrate directly with an exchange platform, through Lightning.
Additionally, Hodl Hodl CEO Max Keidun said that “BlueWallet is only the first of many partners that will use our API technology. We have many important announcements to make in the coming months” he added.
The directors of both companies have converging views, in terms of expectations around this joint effort. Keidun emphasized liquidity and adoption, noting that his vision that this integration will add more liquidity to Hodl Hodl, “especially to our Lightning-powered businesses,” he emphasized. He added that he also hopes that this partnership will increase the adoption of LN and attract attention to bitcoin non-custodial solutions.
Coelho, on the other hand, highlighted the economic, educational and open source elements, expressing:
“We hope to continue promoting the Lightning economy, bringing education on this field to the community. We want our work to be open source so that others can quickly replicate it.”
Previously, BlueWallet had joined the decentralized exchange house compatible with LN, ZigZag, which acts as a precursor to atomic exchanges and submarine exchanges. In this sense, Coelho hopes that the addition of Hodl Hodl will increase liquidity further and bring a large user community to the LN network. BlueWallet is also taking another step in this same direction, apparently popular to incorporate multiple functions and services in its products.