Crypto news

Coinbase Embraces Bitcoin Lightning Network Integration

In response to users’ demands for faster and more cost-effective Bitcoin transactions, popular cryptocurrency exchange Coinbase has officially announced its decision to integrate the Lightning Network (LN) payment protocol.

The Lightning Network was developed as a solution to Bitcoin’s scalability challenge and to compete with emerging cryptocurrencies that boasted quicker and more affordable transactions.

Notably, Coinbase and other major exchanges, including Binance,

had previously shown little interest in adopting the layer-2 solution.

However, the recent move signifies a change in their stance, as community members argued that Lightning Network integration provides fewer incentives for exchanges’ revenue streams.

This development opens up new possibilities for Coinbase users,

enhancing their Bitcoin transaction experience with improved speed and cost efficiency.

https://twitter.com/brian_armstrong/status/1701806701853507886?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1701806701853507886%7Ctwgr%5Ea422fa39af6bfb4abea780ac4b7c5dffd058eb64%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fgrammy-ceo-ai-drake-song-ineligible-for-award

Coinbase CEO Brian Armstrong Defies Prevailing Narrative, Confirms Lightning Network Integration

“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.”

Coinbase Embraces Lightning Network Integration After Feasibility Investigation

Coinbase’s recent decision to integrate the Lightning Network (LN) comes after a month-long investigation led by Viktor Bunin,

a protocol specialist at the exchange.

This exploration into the feasibility of LN integration coincided with public questioning of Coinbase CEO Brian Armstrong’s stance on the technology by notable figures like MicroStrategy founder Michael Saylor and Square CEO Jack Dorsey.

https://twitter.com/brian_armstrong/status/1686596515765362688?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1686596515765362688%7Ctwgr%5Ea422fa39af6bfb4abea780ac4b7c5dffd058eb64%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fgrammy-ceo-ai-drake-song-ineligible-for-award

Following Armstrong’s announcement, the crypto community enthusiastically celebrated the decision,

recognizing that Coinbase’s LN integration will enable more users to experience affordable and efficient Bitcoin microtransactions.

In a related development, on July 17, Binance announced the successful integration of Bitcoin’s Lightning Network for BTC withdrawals and deposits.

Binance users now have the option to choose “LIGHTNING” when withdrawing or depositing Bitcoin,

alongside other available options such as BNB Smart Chain (BEP-20), Bitcoin, BNB Beacon Chain (BEP2), BTC (SegWit), and Ethereum ERC-20.

Both Coinbase and Binance’s LN integrations signify significant progress in expanding the adoption and functionality of the Lightning Network,

providing users with more choices and streamlined experiences for handling Bitcoin transactions.

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