• Coinbase, a leading cryptocurrency exchange, is set to integrate the Bitcoin Lightning Network for faster transactions and lower fees.
• CEO Brian Armstrong’s announcement has been well-received by the crypto community.
• The adoption of the Bitcoin Lightning Network has grown steadily over the past year with total value locked (TVL) in the network reaching an all-time high in February.
Coinbase Integrates Bitcoin Lightning Network
Coinbase, a leading cryptocurrency exchange, is set to integrate the Bitcoin Lightning Network into its platform, promising faster transactions and lower fees. The news of Coinbase’s planned integration was revealed by CEO Brian Armstrong on April 8th and has been well-received by the crypto community.
Benefits of Lightning Network
The Bitcoin Lightning Network is a layer 2 solution built on the Bitcoin blockchain to address scalability issues. It offers faster transaction speeds and reduced fees, making it an attractive choice for users and platforms alike. Many bitcoin holders have expressed excitement about its potential benefits for deposits and withdrawals.
Growing Adoption of LN
Over the past year, adoption of the Bitcoin Lightning Network has grown steadily. Total value locked (TVL) in the network increased from 3,350 BTC at the beginning of last year to an all-time high of 5,490 BTC in February. BitPay also reported an 18% increase in payments made through their services last month due to support from LN platforms like OpenNode and Strike.
Reactions From Crypto Community
The news has been met with positive reactions from industry figures like Michael Saylor, MicroStrategy’s founder as well as enthusiasm from bitcoin holders who are excited about potential benefits such as faster transactions and reduced fees with LN support for deposits and withdrawals. Skeptics however have questioned Coinbase’s timeline for integration while others have urged them to expedite process in light of current regulatory environment.
The announcement that Coinbase will incorporate the Bitcoin Lightning Network into its platform shows growing acceptance of this technology within the crypto space which could lead to further adoption among mainstream users looking for faster transactions and lower fees when trading digital assets on exchanges like Coinbase