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News

Coinbase Ignites Bitcoin Lightning Network Integration, Boosting Transaction Speeds

April 10, 2023 - Around 2 mins mins to read

Key Points:

  • Coinbase CEO announces integration of the Lightning Network to their platform.
  • Lightning Network offers faster transaction speed and cheaper fees.
  • Coinbase integration will bolster Bitcoin and strengthen its position among rivals Kraken, Bitfinex, BitStamp, and OKEx.
Coinbase CEO Brian Armstrong announced via a tweet on April 8 that the cryptocurrency exchange will be integrating Bitcoin’s Lightning network into its platform.
Coinbase Ignites Bitcoin Lightning Network Integration Boosting Transaction Speeds

Armstrong’s statement came in response to a tweet by Bitcoin enthusiast Wicked, who challenged him for not publicly commenting on the Lightning network earlier.

In response, Armstrong explained that his tweets auto-delete after some months, which is why there is no history of his comments on the scaling solution. He also stated that he believes “Lightning is great” and that the exchange will be integrating it soon.

While Armstrong did not disclose details on when this integration would occur, many crypto stakeholders reacted positively to the news. For example, MicroStrategy’s founder Michael Saylor praised the move, and Bitcoin holder Derek Ross expressed his excitement about the possibility of “adding Lightning support for deposits and withdrawals.”

However, some people were skeptical of Coinbase’s ability to implement this integration, with one Twitter user noting that it might take a long time for the exchange to do so.

Coinbase Ignites Bitcoin Lightning Network Integration Boosting Transaction Speeds 1

Others advised Coinbase to expedite the integration process, as they fear the company might end up with nothing to offer apart from Bitcoin, given the current regulatory environment.

If Coinbase integrates Lightning, it will be joining its rivals, such as Kraken, Bitfinex, BitStamp, and OKEx, which have already added support for the L2 solution.

Coinbase’s move to integrate Lightning is a significant development in cryptocurrency that could help solve some of Bitcoin’s scalability issues. It will also make it easier for users to make faster transactions and pay lower fees, which could encourage more people to adopt cryptocurrencies as a form of payment.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Annie

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Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.