May 23, 2024
Bitcoin News

Coinbase Enables Lightning Network Integration for Bitcoin

Coinbase has announced the introduction of Lightning Network integration, enabling users to send Bitcoin via the traditional Bitcoin network or the Lightning Network.

This feature, accessible on both mobile and desktop platforms, aims to enhance transaction speed and reduce costs by leveraging the Lightning Network, a layer 2 protocol established in 2018.

Integrating Lightning Network with Lightspark Collaboration

The adoption of Lightning Network technology by Coinbase was made possible through collaboration with Lightspark, a Los Angeles-based company specializing in enterprise-grade Lightning Network services.

Viktor Bunin, Coinbase’s Lightning integration lead, highlighted Lightspark’s expertise in implementing large-scale Lightning solutions and its commitment to stringent security standards.

Educational Efforts and Regional Restrictions

The integration process, which began last fall, included significant instruction for Coinbase team members to ensure they grasped the subtleties of the Lightning Network.

However, the service is now unavailable to users of Canada and New York, reflecting Coinbase’s ongoing regulatory issues, which include court battles with the US Securities and Exchange Commission over charges of allowing trading in unregistered securities.

Despite regulatory hurdles, Coinbase remains politically active, supporting campaigns aimed at influencing crypto regulation positively.

The introduction of Lightning Network integration aligns with Coinbase’s broader goal of enhancing Bitcoin’s scalability and fostering greater crypto adoption and economic freedom.

“Bitcoin is the most important asset in crypto […] Lightning just made a lot of sense,” remarked Bunin, emphasizing the significance of this development in advancing the usability and efficiency of Bitcoin transactions.

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