Microstrategy to veer into Bitcoin’s Lightning Network space

Sahana Kiran
Source – Unsplash

The crypto-verse has lured an array of individuals and entities into the market. While some have remained invested throughout, others have been hot and cold towards the industry. Microstrategy, however, did not seem to have a choice since its executive chairman Michael Saylor was all in on Bitcoin.

Saylor proved his inclination towards the asset with consistent purchases and endorsements. Now, further elevating the firm’s presence in the crypto market, it revealed that it was working on solutions that would bring in a multitude of people into the Lightning Network [LN].

Appearing on a video call, Saylor noted that the initiative was still in its early stages. He further lauded Bitcoin’s Lightning network as he touted it as “the most important thing going on in the world in technology.” As a result, Microstrategy has reportedly taken interest in developing a medium that would allow firms to “roll out Lightning to a hundred thousand employees every day.”

Speaking about Microstreatgey’s latest initiative, he added,

“MicroStrategy has got some R&D projects going on right now where we’re working on enterprise applications of Lightning: enterprise Lightning wallet, enterprise Lightning servers, enterprise authentication.”

In addition to this, the Saylor-led firm intends to pave the way for the release of “Lightning wallets for 10 million customers overnight.”

He further noted that the advantages of LN weren’t limited to scaling up Bitcoin for billion of people or low-cost transactions. Elaborating on the same he said,

“But also, the ethos of bitcoin is to go very carefully and not move fast on the base layer without the universal consensus, but in Lightning, you can move much more aggressively developing functionality and take more risks with the applications than you can with the underlying bitcoin layer.”

Saylor’s first Bitcoin move after stepping down as CEO

The entire globe is aware of Saylor who has been a prominent Bitcoin bull. Following the footsteps of Twitter’s former CEO Jack Dorsey and others, Saylor announced that would be stepping down as Microstrategy’s CEO. Saylor had previously stated,

His latest move seems to be aligning with his vision as the Executive Chairman of the firm. While this is just the start, the community speculates that Saylor could be coming up with more Bitcoin-related initiatives.