The crypto exchange believes the Lightning Network might help it speed up transactions
In order to enable faster cryptocurrency payments, Coinbase is planning to integrate Bitcoin’s Lightning Network. CEO Brian Armstrong commented that Coinbase backs the efforts to facilitate Bitcoin payments via the Lightning Network.
Armstrong was commenting in response to a tweet by former Twitter CEO Jack Dorsey that criticized Coinbase for supposedly dismissing Bitcoin and Lightning Network. Lightning is intended to enable faster transactions and is a layer-2 payment platform that runs on top of the Bitcoin network.
“We are looking into how to best add Lightning. It is non-trivial, but I think it is worth doing,” said Armstrong.” I am all for payments taking off in Bitcoin.” He added that Coinbase had brought in more Bitcoin users than likely any other company worldwide.
Binance and Coinbase have been criticized for not acknowledging Lightning Network, with Armstrong giving the same response repeatedly to critics, saying that Coinbase has plans to incorporate the network. However, Armstrong hasn’t given many details about the timelines or what users should expect.
Other crypto exchanges, such as Kraken, OKX, and Bitfinex, have already begun integration with Lightning Network. OKX introduced Lightning in 2021, allowing users to conduct BTC transactions on the platform. Kraken also integrated Lightning Network last year, saying it was an ‘instant and inexpensive’ method for moving BTC. Bitfinex has been integrated with Lightning Network since 2019.
Traditional financial institutions have also shown interest in the Lightning Network. For example, Xapo Bank partnered with Lightspark to integrate the network last March. The Gibraltar-based bank said during the launch that customers can use the network to make Bitcoin purchases.
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