Bitcoin Magazine

Voltage Aims To Bring Bitcoin’s Lightning Network To Every Business In The World

Founder: Graham Krizek

Founded: October 2020

Headquarters: Wichita, Kansas

Employee Count: 17

Status: Private

Back in 2012, Graham Krizek stumbled upon Bitcoin and soon after became involved with Bitcoin Core while also developing his own Bitcoin-based applications. However, he quickly recognized a challenge that was limiting developers in the Bitcoin ecosystem.

“I observed that everyone was reinventing the wheel, building components from scratch repeatedly,” Krizek explained to Bitcoin Magazine. “There was no cohesive cloud environment to easily launch Bitcoin infrastructure and develop applications on top of it.”

During this time, though, Krizek focused on his role as a software engineer outside the Bitcoin domain, working with both startups and well-established companies like Salesforce while dabbling in Bitcoin projects during his leisure hours.

This focus shifted when he learned about the Lightning Network.

He perceived tremendous potential and recognized that for it to gain mainstream acceptance, usability needed to be significantly improved.

“When I discovered Lightning, it clicked — this was going to be the next crucial step in Bitcoin adoption that could propel its growth,” Krizek stated. “However, I noticed the same issue arising as we faced with Bitcoin; people kept starting development efforts from square one, but the complexity was amplified with Lightning.”

“I thought to myself, ‘We really need a cloud solution where you can effortlessly click a button to spin up and maintain a Lightning node.’ This would make it so much simpler and faster to develop the applications we aspire to create.”

Thus, Krizek embarked on the journey to develop this essential product.

He shared the first version of it with friends and contacts, many of whom began using it extensively, prompting the need for increased commitment to the project.

“Usage escalated to a point where I felt overwhelmed, thinking, ‘I either need to stop this because I can’t handle it or turn it into a legitimate business,’” he recalled. He chose the latter, leading to the establishment of Voltage by late 2020.

How Voltage Operates

Voltage simplifies the use of Lightning by enabling users to set up a Lightning node and channels in just a few clicks.

Despite hosting the node in its cloud infrastructure, which is backed by Google Cloud and additional providers, Voltage ensures that elements such as your public key, peers, channels, balance, and transactions remain confidential, as all data is routed through Tor.

While your node operates in Voltage’s cloud, the platform aids users in managing liquidity and extends various forms of customer assistance.

Essentially, Voltage alleviates the challenges associated with utilizing Lightning while actively supporting users to facilitate broader adoption—especially with new products aimed at helping traditional financial institutions integrate this technology.

“Voltage’s mission is to make Bitcoin and the Lightning Network accessible to every business worldwide,” asserted Krizek.

“The capabilities of Lightning are impressive, but grasping its full potential—particularly for businesses outside the cryptocurrency realm—can be quite challenging,” he added.

“Our goal is to simplify the integration process.”

Companies Adopting Lightning

In the previous year, significant organizations like the major cryptocurrency exchange Coinbase and Latin America’s leading fintech institution Nubank have embraced Lightning in their operations.

Krizek believes this trend among cryptocurrency exchanges, neobanks, and various financial services to adopt Lightning will continue to accelerate in the coming year.

“Financial companies will likely be the most significant proponents of this technology, as applying the benefits of instantaneous settlements with zero fees can provide immense value within large payment processors dealing in global transactions,” remarked Krizek.

Furthermore, Krizek anticipates that in 2025, even businesses that do not fall into the categories of Bitcoin, crypto, or finance will start leveraging Lightning, largely due to the ease of implementation provided by companies like Voltage.

“I foresee 2025 being pivotal for expanding beyond our niche market,” he expressed.

“The technology still has some rough edges, which makes it difficult for big corporations like Walmart to say, ‘Okay, we are ready to implement this now.’ Although Voltage has made progress toward streamlining Lightning usage, we acknowledge there’s room for improvement,” he added.

Another significant challenge for companies considering integrating Lightning entails handling the inherent volatility of Bitcoin.

However, companies can mitigate this risk by utilizing Tether (USDT) over Lightning, which they will soon have the option to do, as stated in various reports.

The Introduction of Tether (USDT) on Lightning

Krizek remains optimistic regarding the introduction of USDT on Lightning, believing it will catalyze significant growth within the network.

“I anticipate numerous products and solutions surrounding USDT to emerge,” he stated. “This enthusiasm extends beyond my own; our customer base is eagerly requesting it, given that stablecoins represent the most significant use case in crypto today,” he continued.

“The combination of stablecoins with lightning-fast settlement and minimal fees is a major breakthrough. With costs rising on platforms like Tron, demand for alternative options is increasing.”

Historically, Tron has been the preferred blockchain for stablecoin transfers due to its low transaction fees.

As for the security concerns surrounding USDT on Lightning that some analysts have raised, Krizek is unfazed.

“I have no worries about it,” he stated confidently. “Since the era of the Blocksize War, we’ve advanced our understanding, making it less likely for large institutions to manipulate the Bitcoin ecosystem, unlike in the past,” he noted, addressing concerns about Tether’s potential influence over Bitcoin.

“Integrating Tether on Lightning enhances its utility because it operates as a peer-to-peer network—making it a choice whether or not to participate in USDT transactions.”

Progressing in a Supportive Regulatory Climate for Bitcoin

David Sacks, the U.S. Crypto Czar and an investor in Voltage through his venture capital firm, Craft Ventures, has some insight into the Lightning Network’s significance and the function of Bitcoin as a medium of exchange.

Does this indicate that the U.S. is on the brink of a broader acceptance of Bitcoin?

Krizek is cautious in his assessment. “While many are pushing the government for a Strategic Bitcoin Reserve, which considers bitcoin as a store of value, we still need to navigate this conversation before exploring Bitcoin’s potential as a payment method further,” he clarified.

Nevertheless, Krizek finds it encouraging that the government is beginning to view Bitcoin more positively today, especially compared to past years when its stance was generally dismissive.

“When I first became involved with Bitcoin, it was completely overlooked, and the last few years have posed significant challenges for companies like ours,” he remarked. “With this new administration, we’re seeing a shift in tone. Although we still have hurdles to overcome, we are undoubtedly progressing in a favorable direction,” he concluded.

“I am genuinely excited about what the next year holds, and I have a positive outlook.”

This article Voltage Aims To Bring Bitcoin’s Lightning Network To Every Business In The World first appeared on Bitcoin Magazine and is authored by Frank Corva.