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Binance Announces Plans To Integrate Bitcoin Lightning Network

Press Releases Crypto News Bitcoinist Binance Announces Plans To Integrate Bitcoin Lightning Network

World-leading crypto exchange Binance has announced plans to integrate the Bitcoin Lightning Network (LN) on its platform for deposits and withdrawals. The exchange disclosed this information via a Twitter post earlier today following observations of Binance’s nodes on the Lightning Network by some “eagled-eyed” crypto community members.

Ambross, a data analytics firm focused on the Lightning Network, posted a tweet stating that Kraken’s biggest channel on the LN was connected to the Binance node.

However, having confirmed the ongoing plans to adopt the Lightning network, the Binance exchange has stated that the integration is far from completion, and a full update will be provided upon finalization.

The Bitcoin Lightning Network is a layer two solution built on the Bitcoin blockchain. It was designed to provide solutions to two main issues impacting the underlying chain – scalability and speed.

The Lightning Network enables a high transaction speed and cheap network fees without altering the efficiency of its underlying blockchain. It aims to combat network congestion as the number of Bitcoin users continues to soar.

By integrating the LN with its platform, Binance looks to improve the overall process of Bitcoin withdrawals and deposits by its users.

BTC Trading At $26,944.10 | Source: BTCUSD Chart on Tradingview.com

Lightning Network Popularity Continues To Rise

Upon full integration of the Lightning Network, Binance joins the growing list of exchanges to have incorporated this project, including Kraken, Bitfinex, OKX, etc.

Other prominent brands with LN integrations include top crypto wallet Exodus and mobile payment service Cash App. That aside, additional data from the DeFi analytics site,

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Author: Semilore Faleti

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