Japan’s Recruit company headquartered in Tokyo has invested in Breez Development Ltd. a business that provides a ‘Lightning Network wallet’ to improve cryptocurrency payment processing.
Recruit has made this move in the light of the increasing use of cryptocurrency, citing the challenge of the resource required to maintain currencies in the light of its ever increasing use, including international remittances.
The cryptocurrency wallet developed by Breez utilizes the Lightning Network, a mechanism that extends the functionality of a blockchain and enables high speed processing of everyday micropayments. In general, a transaction that takes 10 minutes or more to approve on a blockchain can be safely processed in less than a second. Also, since it minimises mining, power costs and payment fees can be reduced.
Breez has developed and provides its own system as required for the Lightning Network, and users simply install the app on their smart device. They are also developing and providing point-of-sale (POS) systems to promote the introduction of cryptocurrency payments.
Through this investment, Recruit will support improvements to the quality and use of this service.