Binance Enables Lightning Network for Bitcoin Transactions, Bullish?
Crypto exchange Binance completes the integration of Bitcoin’s Lightning Network.
Binance confirmed the existence of its own Lightning nodes on June 20.
Binance announced that it had completed the integration of the Bitcoin Lightning Network (LN). The crypto exchange has enabled this layer-2 scaling solution for Bitcoin (BTC) withdrawals and deposits.
#Binance has completed the integration of Bitcoin ( #BTC ) on the Lightning Network and deposits and withdrawals are now open.
More details here https://t.co/aIofPdtAGY
— Binance (@binance) July 17, 2023
The Lightning Network is the layer 2 scaling solution that is primed to resolve Bitcoin’s scalability issues. This layer uses micropayment channels to scale the blockchain’s capabilities and make BTC transactions cheaper and faster. It’s worth noting that Lightning launched five years ago, in March 2018.
Binance Implements Bitcoin Lightning Network
Binance initially hinted at the integration of the Lightning Network in early May after it encountered network congestion due to the heavy BTC transactions. Following it, the crypto exchange confirmed on June 20 that it is working on integrating the LN. After working for the past two months, the platform has implemented this integration.
It allows users to make Bitcoin (BTC) transactions faster and cheaper. This largest trading platform has onboarded other prominent exchanges such as Bitfinex, Bitstamp, OKX, and Kraken. Notably, Binance is strengthening its position as the leading crypto exchange with enhanced service and developments. Next up, the crypto community awaits Coinbase to enable Lightning Network-enabled features on its platform.
At the time of writing, the Bitcoin (BTC) price was around $30,283, after displaying an insignificant increase of 0.03%. Meanwhile, the daily trading volume of BTC experienced a surge of over 2.04%, according to CoinMarketCap.
Filed under: Bitcoin - @ July 17, 2023 9:19 am