The big Binance makes medium a blog post announced that the integration of the Bitcoin Lightning Network into their exchange platform is complete. Users of the exchange platform can now use the second layer on Bitcoin for withdrawals and deposits on the trading platform.
When users withdraw or deposit Bitcoin, they can now select the “LIGHTNING” option.
Good for Lightning
This makes it a lot cheaper (and faster) to withdraw Bitcoin from Binance and depositing Bitcoin is also a lot faster than before. Furthermore, this is of course a great development for the Lightning Network. This makes it even easier for a large group of users to give the Lightning Network a try.
Binance gave the first hints for the integration of the Lightning Network in May. At the time, it had to temporarily pause Bitcoin withdrawals, due to a surge in transactions within Bitcoin’s network, which caused transaction fees to skyrocket.
That explosion in transaction fees was largely attributed to the creation of memecoins on Bitcoin in the form of BRC-20 tokens. That is a new token standard on the Bitcoin network, which makes it possible to create tokens on Bitcoin thanks to Bitcoin Ordinals.
A nice row
With the integration of the Lightning Network, Binance joins a nice row of exchange platforms. It joins Bitfinex, River Financial, OKX, Kraken and CoinCorner as a result. At least those are the other big names that have already implemented the Bitcoin Lightning Network.
Coinbase CEO Brian Armstrong also expressed his intention to add the Lightning Network to Coinbase. Armstrong spoke of this in April, but did not provide a timeline for implementation at the time.
In that respect, it may well be a few months (or even years) before it is possible to work with Lightning on Coinbase. The Lightning Network aims to make Bitcoin transactions faster and cheaper because it allows users to conduct business outside of the blockchain.
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