Crypto change Coinbase has confirmed its resolution to combine layer 2 fee protocol Lightning Community as customers search sooner and cheaper Bitcoin (BTC) transactions.
Lighting Network (LN) was created to assist remedy Bitcoin’s scalability drawback and to compete towards newer cryptocurrency initiatives that promised comparatively sooner and cheaper transactions.
Up till lately, main crypto exchanges, together with Coinbase and Binance, revealed no intent to adopt the layer 2 solution as many group members argued that NL integration provided fewer incentives for exchanges’ earnings.
The group did an incredible job digging into this, and we have made the choice to combine Lightning. Bitcoin is an important asset in crypto and we’re excited to do our half to allow sooner/cheaper Bitcoin transactions. Will take a while to combine 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 resolution to combine Lightning Community. He added:
“Bitcoin is an important asset in crypto and we’re excited to do our half to allow sooner/cheaper Bitcoin transactions. Will take a while to combine so please be affected person.”
The choice comes a month after Viktor Bunin, Protocol Specialist at Coinbase, began investigating the feasibility of LN integration. Throughout this timeline, MicroStrategy founder Michael Saylor and Sq. CEO Jack Dorsey publicly questioned Armstrong’s place on LN.
We’re trying into find out how to finest add Lightning. It’s non-trivial, however I feel price doing. I’m all for funds taking off in Bitcoin.
Unsure why you suppose we’re ignoring Bitcoin – we’ve onboarded extra folks to Bitcoin than in all probability any firm on this planet.
Let’s construct it… https://t.co/9dFGYd6XZt
— Brian Armstrong ️ (@brian_armstrong) August 2, 2023
Following Armstrong’s announcement, the crypto group celebrated the choice as Coinbase’s LN integration will enable extra customers to witness inexpensive and environment friendly Bitcoin microtransactions.
Associated: 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 Community and deposits and withdrawals at the moment are open.
Extra particulars right here https://t.co/aIofPdtAGY
— Binance (@binance) July 17, 2023
Binance customers who select to withdraw or deposit Bitcoin at the moment are in a position to choose “LIGHTNING” as an choice. Different choices embrace BNB Sensible Chain (BEP-20), Bitcoin, BNB Beacon Chain (BEP2), BTC (SegWit), and Ethereum ERC-20.
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