- Binance announced the completion of its integration of Bitcoin on the Lightning Network.
- The integration is intended to make the BTC transactions easier and more scalable by using the Layer-2 scaling solution.
- Other platforms including Coinbase and MicroStrategy have also hinted at their interest in Lightning Network.
Binance, the global cryptocurrency exchange announced earlier today the successful completion of its long-anticipated integration of the Bitcoin Lightning Network. The integration enables customers to leverage the layer-2 scaling solution for BTC withdrawals and deposits.
On July 17, Binance shared a Twitter post declaring its completion of integration of the top cryptocurrency Bitcoin on the Lightning Network. The tweet read, “Deposits and withdrawals are now open”.
Earlier this year in May, Binance temporarily paused BTC withdrawals in response to a massive surge in the BTC network gas fees. At one point, there were 479,000 unconfirmed BTC transactions on the network, prompting BTC investor Lark Davis to point out that the escalation of the gas price could be heavily attributed to the explosion of the BRC20 tokens.
Later, on June 20, Binance revealed that it had been working on integrating the Bitcoin Lightning Network for deposits and withdrawals, adding:
Some eagle-eyed users spotted our new lightning nodes recently. Yes – that’s us! However, there’s still more tech work to be done. We’ll update once Lightning is fully integrated.
As per the announcement, Binance will use the Lightning Network for faster and easier BTC transactions, improving the overall efficiency and convenience of the use of the cryptocurrency. The Lightning Network is also expected to resolve transaction delays and network congestion.
With Binance embracing BTC Lightning Network, there are possibilities of other big players in the industry following its path. For instance, Michael Saylor, the CEO of the business intelligence company MicroStrategy has shared his interest in the Lightning Network.
Similarly, Brian Armstrong, the CEO of the crypto exchange Coinbase has also hinted at the platform’s plans to integrate BTC Lightning Network via an April 9 tweet. The other leading platforms that already hold the Lightning Network include Bitfinex, OKX, River Financial, CoinCorner, and Kraken.
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