Crypto change Coinbase has confirmed its determination to combine layer 2 fee protocol Lightning Community as customers search quicker and cheaper Bitcoin (BTC) transactions.
Lighting Community (LN) was created to assist resolve Bitcoin’s scalability downside and to compete towards newer cryptocurrency tasks that promised comparatively quicker and cheaper transactions.
Up till lately, main crypto exchanges, together with Coinbase and Binance, revealed no intent to undertake the layer 2 answer as many group members argued that NL integration supplied fewer incentives for exchanges’ revenue.
The workforce did an amazing job digging into this, and we have made the choice to combine Lightning. Bitcoin is a very powerful asset in crypto and we’re excited to do our half to allow quicker/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 determination to combine Lightning Community. He added:
“Bitcoin is a very powerful asset in crypto and we’re excited to do our half to allow quicker/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 how you can greatest 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 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 group celebrated the choice as Coinbase’s LN integration will enable extra customers to witness reasonably priced and environment friendly Bitcoin microtransactions.
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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 capable of choose “LIGHTNING” as an possibility. Different choices embody BNB Sensible Chain (BEP-20), Bitcoin, BNB Beacon Chain (BEP2), BTC (SegWit), and Ethereum ERC-20.
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