Crypto change Coinbase has confirmed its choice to integrate layer 2 cost protocol Lightning Network as customers search sooner and cheaper Bitcoin (BTC) transactions.
Lighting Network (LN) was created to assist remedy Bitcoin’s scalability downside and to compete towards newer cryptocurrency initiatives that promised comparatively sooner and cheaper transactions.
Up till not too long ago, main crypto exchanges, together with Coinbase and Binance, revealed no intent to adopt the layer 2 solution as many neighborhood members argued that NL integration provided fewer incentives for exchanges’ revenue.
The crew did an important job digging into this, and we have made the choice to integrate Lightning. Bitcoin is a very powerful asset in crypto and we’re excited to do our half to allow sooner/cheaper Bitcoin transactions. Will take a while to integrate so please be affected person. https://t.co/FneeXkLI25
— Brian Armstrong ️ (@brian_armstrong) September 13, 2023
Countering the predominant narrative, Coinbase CEO Brian Armstrong confirmed the change’s choice to integrate Lightning Network. He added:
“Bitcoin is the most important asset in crypto and we’re excited to do our part to enable faster/cheaper Bitcoin transactions. Will take some time to integrate so please be patient.”
The choice comes a month after Viktor Bunin, Protocol Specialist at Coinbase, began investigating the feasibility of LN integration. During this timeline, MicroStrategy founder Michael Saylor and Square CEO Jack Dorsey publicly questioned Armstrong’s place on LN.
We’re trying into how to finest add Lightning. It’s non-trivial, however I believe value doing. I’m all for funds taking off in Bitcoin.
Not positive why you assume we’re ignoring Bitcoin – we’ve onboarded extra individuals to Bitcoin than in all probability any firm on the planet.
Let’s construct it… https://t.co/9dFGYd6XZt
— Brian Armstrong ️ (@brian_armstrong) August 2, 2023
Following Armstrong’s announcement, the crypto neighborhood celebrated the choice as Coinbase’s LN integration will enable extra customers to witness reasonably priced and environment friendly Bitcoin microtransactions.
Related: Bitcoin Lightning Network is growing, but 3 major challenges remain
On July 17, Binance introduced the completion of Bitcoin LN integration for BTC withdrawals and deposits.
#Binance has accomplished the mixing of Bitcoin ( #BTC ) on the Lightning Network and deposits and withdrawals are actually open.
More particulars right here https://t.co/aIofPdtAGY
— Binance (@binance) July 17, 2023
Binance customers who select to withdraw or deposit Bitcoin are actually ready to choose “LIGHTNING” as an possibility. Other choices embrace BNB Smart Chain (BEP-20), Bitcoin, BNB Beacon Chain (BEP2), BTC (SegWit), and Ethereum ERC-20.
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