Coinbase to boost transaction speeds with Lightning Network integration, says CEO Brian Armstrong
Coinbase's announcement of integration of the Lightning Network signals a broader industry recognition of the importance of scalability and faster, cost-effective transactions for the long-term viability of cryptocurrencies, particularly Bitcoin.
cryptocurrency
Highlights
- Coinbase reveals its intention to integrate the Lightning Network to address Bitcoin's scalability issues
- The said announcement has been has been met with widespread enthusiasm within the crypto community
In a significant move within the cryptocurrency space, Coinbase, one of the world's leading crypto exchanges, has officially announced its intention to integrate the Lightning Network (LN), a layer 2 payment protocol designed to address Bitcoin's scalability issues and provide faster and more cost-effective transactions for users.
Coinbase's pioneering decision
The decision to integrate the Lightning Network comes after extensive deliberation and investigation by Coinbase, led by Viktor Bunin, a Protocol Specialist at the exchange. This move is seen as a response to growing demand from users for faster and cheaper Bitcoin transactions.
Coinbase's CEO, Brian Armstrong, confirmed the decision, emphasising the importance of Bitcoin in the crypto ecosystem. He stated, "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."
This strategic move by Coinbase marks a departure from the earlier stance held by many major crypto exchanges, including Coinbase itself and Binance, regarding LN integration. Initially, some community members argued that adopting the Lightning Network might reduce exchanges' revenue potential.
The impact on the crypto community
Coinbase's integration of the Lightning Network has been met with widespread enthusiasm within the crypto community. It is anticipated that this integration will democratise Bitcoin microtransactions by making them more affordable and efficient, further solidifying Bitcoin's position as the flagship cryptocurrency.
Binance follows suit
Notably, Coinbase is not the only major exchange to embrace LN integration. Just a few weeks before this announcement, Binance, another prominent player in the crypto industry, completed its integration of the Lightning Network for Bitcoin withdrawals and deposits. This means Binance users can now opt for "LIGHTNING" as their preferred option for Bitcoin transactions, alongside other choices like BNB Smart Chain (BEP-20), Bitcoin, BNB Beacon Chain (BEP2), BTC (SegWit), and Ethereum ERC-20.
COMMENTS 0