Cryptocurrency alternate Binance has accomplished the mixing of the Bitcoin Lightning Community on its platform for BTC withdrawals and deposits.
The event was confirmed by Binance in a July 17 weblog submit, the place they famous that Binance users can now use the layer-2 scaling solution for BTC withdrawals and deposits.
When users now choose to withdraw or deposit Bitcoin, they will now be able to select “LIGHTNING” as an option. Other options include BNB Smart Chain (BEP-20), Bitcoin, BNB Beacon Chain (BEP2), BTC (SegWit), and Ethereum ERC-20.
Binance first hinted at the integration of the Lightning Network in May after it had to temporarily pause BTC withdrawals due to a flood of pending transactions caused by “the recent surge in BTC network gas fees.”
The explosion in transaction fees has largely been attributed to the creation of memecoins on Bitcoin in the form of BRC-20 tokens — a new token standard on the network.
#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 later confirmed it was working to onboard the Lightning Community on June 20 shortly after customers noticed Binance’s personal Lightning nodes.
Associated: What’s the Bitcoin Lightning Community, and the way does it work?
Binance joins Bitfinex, River Monetary, OKX, Kraken and CoinCorner as the opposite distinguished exchanges to have embraced the Lightning Community.
Coinbase CEO Brian Armstrong additionally signaled his intention to combine the Bitcoin layer 2 community on Coinbase in April. Nonetheless, he did not give a timeline as to when that will occur.
The Lightning Community goals to make Bitcoin transactions quicker and cheaper by permitting customers to create off-chain transaction channels.
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