Crypto

Coinbase confirms it will add Bitcoin Lightning for transaction processing

Coinbase confirms it will add Bitcoin Lightning for transaction processing

The crypto company and exchange sees the Lightning Network as a big step forward

Cryptocurrency exchange Coinbase has verified that it will begin integrating its layer-2 payment protocol Lightning Network as users look for cheaper and faster Bitcoin transactions.

Coinbase created Lighting Network (LN) to help decipher Bitcoin’s scalability issues and to compete with other new crypto projects promising cheaper and faster Bitcoin transactions. Major crypto exchanges like Coinbase and Binance didn’t intend to use the layer-2 solution until recently, with many community members debating that the integration of Lightning Network presented fewer incentives for exchanges’ revenue.

Contrasting the prevailing narrative, Coinbase CEO Brian Armstrong verified the company’s decision to integrate Lightning Network, saying, “Bitcoin is the most important asset in crypto, and we’re excited to do our part to enable faster/cheaper Bitcoin transactions. Will take some time to integrate, so please be patient.”

The decision to incorporate Lightning Network comes shortly after Coinbase protocol specialist Viktor Bunin started investigating how feasible LN integration would be. Square CEO Jack Dorsey and MicroStrategy founder Michael Saylor both publicly challenged Armstrong’s stance on LN during this period.

Crypto exchange Binance announced on July 17 that it had completed implementing Bitcoin LN integration for Bitcoin deposits and withdrawals. Those Binance users looking to deposit or withdraw Bitcoin now have the choice to select “LIGHTNING” as an option. The other alternatives include Bitcoin, BNB Beacon Chain (BEP2), BNB Smart Chain (BEP-20), BTC (SegWit) and Ethereum ERC-20.

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