July 21, 2024
Coinbase CEO Brian Armstrong to Integrate Bitcoin Lightning Network
Bitcoin News

Coinbase CEO Brian Armstrong to Integrate Bitcoin Lightning Network

Coinbase, a prominent cryptocurrency exchange, has officially confirmed its intention to integrate the Lightning Network (LN) payment protocol. This move responds to user demand for faster and more cost-effective Bitcoin transactions.

The Lightning Network was designed to address Bitcoin’s scalability issues and compete with newer cryptocurrencies that promised quicker and cheaper transaction processing.

Historically, major cryptocurrency exchanges like Coinbase and Binance have shown no inclination to adopt the layer 2 solution. Some members of the crypto community argued that integrating the Lightning Network provided fewer financial incentives for exchanges. However, Coinbase’s CEO, Brian Armstrong, has now confirmed the exchange’s commitment to incorporate the Lightning Network. He stated, “Bitcoin is the most crucial asset in the crypto space, and we are enthusiastic about contributing to facilitating faster and more economical Bitcoin transactions. Please bear with us as the integration will take some time.”

This decision comes about a month after Viktor Bunin, a Protocol Specialist at Coinbase, began exploring the feasibility of implementing the Lightning Network. During this period, Michael Saylor, the founder of MicroStrategy, and Jack Dorsey, the CEO of Square, publicly questioned Armstrong’s stance on the Lightning Network.

In response to Armstrong’s announcement, the crypto community celebrated Coinbase’s decision to integrate the Lightning Network, as it will enable more users to experience affordable and efficient Bitcoin microtransactions. On July 17th, Binance also announced the successful integration of the Lightning Network for Bitcoin withdrawals and deposits.

Binance users now have the option to choose “LIGHTNING” when withdrawing or depositing Bitcoin, along with other options such as BNB Smart Chain (BEP-20), Bitcoin, BNB Beacon Chain (BEP2), BTC (SegWit), and Ethereum ERC-20.

Image by GarryKillian on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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