Michael Saylor, former CEO and current CEO of MicroStrategy, said in a conversation with Eric Weiss, CEO of Blockchain Investments Group, that Bitcoin’s scaling solution, the Lightning Network, will be included in its business applications. next year.
Saylor had reported in September that his company was exploring the Lightning Network to develop new applications that would improve institutional adoption of Bitcoin, the world’s leading cryptocurrency.
According to Saylor, this scalability solution, which uses two-way payment channels that enable low-cost, near-instantaneous transactions with BTC, helps create exciting applications that showcase Bitcoin’s potential and innovation.
Some of the applications the US business intelligence firm has worked on for the Lightning Network are primarily focused on cybersecurity and enterprise marketing; for example, the design of a corporate authentication system, a corporate wallet, and the creation of a payment wall called “Lightning Wall”, which will use Bitcoin to protect corporate websites from attacks. possible cyberattacks.
Some of these apps could be available in the first quarter of 2023, Saylor said.
Development and innovation on the Lightning Network
Besides championing Bitcoin, Michael Saylor is also a fan of its Lightning Network scalability solution. The current executive chairman of MicroStrategy defends that this solution contributes to the massification of BTC, improving the performance of the network and the cryptocurrency with fast and accessible payments and transactions.
Currently, the payment capacity of the Lightning Network is 5,090 BTC, or approximately $84.3 million.
As part of its Bitcoin and Lightning Network adoption strategy, Saylor’s company posted a job posting in October for a software engineer experienced in these innovations.
The business intelligence firm reaffirmed its work on developing apps that will implement the Bitcoin scalability solution to expand its services and deliver new products that explore innovative use cases for the technology.
MicroStrategy also wants to offer services that help its enterprise customers implement Bitcoin and Lightning Network technology easily and securely.
An additional 2,500 BTC is added to MicroStrategy’s treasury
On the other hand, MicroStrategy is known for its Bitcoin investment strategy. In fact, the company positions itself as the largest public investor in this cryptocurrency, with a total of 132,500 bitcoins in its corporate treasury.
MicroStrategy recently acquired 2,500 new bitcoins with an investment of approximately $42 million. Since beginning its Bitcoin investment strategy in August 2020, the company has invested around $4.03 billion, buying every BTC it owns at an average price of $30,390 per unit.
At press time, the price of Bitcoin is hovering around $16,550 per BTC, implying nearly $1.8 billion in unrealized losses for the company. However, on several occasions, Saylor has stated that his strategy for investing in the market-leading cryptocurrency is long-term.
As CEO of MicroStrategy, Saylor said he will focus on overseeing institutional betting on bitcoin, while developing new initiatives focused on cryptocurrency innovation, use cases and advocacy. popular.