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Coinbase Will Integrate Bitcoin Lighting Network
Bitcoin’s Lightning Network is set to come to America’s biggest crypto exchange.
Coinbase CEO Brian Armstrong confirmed today that plans to add support for the Lightning Network are in motion following the conclusion of a consultation process.
“The team did a great job digging into this, and we’ve made the decision to integrate Lightning,” Armstrong said in a post on X (formerly Twitter) today.
The Lightning Network was designed to solve Bitcoin’s scalability problem, allowing users to open payment channels between themselves to conduct off-chain transactions. These off-chain transactions are relatively faster and cheaper compared to transactions on Bitcoin’s primary network.
Following Armstrong’s revelation, the cryptoverse applauded the decision as Coinbase’s LN incorporation would reduce transaction fees for users when depositing and withdrawing from the trading hub. Since one of the appeals of Lightning Network is that you can transfer Bitcoin for as little as a cent, this could mean the difference between paying a few dollars or a few pennies to withdraw BTC off Coinbase during events of high transaction congestion.
The Coinbase chief, however, urged customers to be patient as it will take some time for the exchange to finalize integrating the new feature.
The confirmation today comes after Armstrong revealed last month that Coinbase was exploring the best ways to add support for Bitcoin’s cutting-edge technology.
Brian Armstrong On Bitcoin
Armstrong also hailed Bitcoin as the “most important asset in crypto” while announcing the decision today.
Coinbase is reportedly excited to play its part to facilitate faster and cheaper Bitcoin transactions.
Meanwhile, other leading digital asset exchanges that have integrated support for the Lightning Network include Binance, Bitfinex, OKX, and Kraken, as well as Block’s financial services platform Cash App.