Thing promised, thing due. Binance has finally successfully integrated the Lightning Network after its announcement on June 20. Users are now entitled to fast and cheaper transactions in BTC.
Bitcoin Lightning Network accessible to Binancers
The Lightning Network is attracting more and more interest from institutions. Recently, Google Cloud decided to make it available to its business customers with the help of Voltage.
” Binance has completed the integration of Bitcoin (BTC) on the Lightning Network, and deposits and withdrawals are now open.
More details here. »
Binance relayed the good news via his blog yesterday July 17. Here’s how CZ’s company got its start:
” Dear Binancers,
Binance has finished integrating Bitcoin (BTC) on the Lightning Network. Bitcoin (BTC) deposits and withdrawals are now open on the Lightning Network. »
It should be noted that Binance has already echoed its intention to integrate the LN as early as May. At that time, crypto firm had to halt bitcoin withdrawals due to network congestion and also high gas charges.
BeInCryto clarified that this incident caused Binance to suspend bitcoin trading twice in 12 hours. CZ took the opportunity to allow withdrawals via the Lightning Network without lowering withdrawal fees.
Lightning Network, what?
The Lightning Network is like a bitcoin blockchain layer 2 scaling solution. Thanks to it, investors can make transactions faster than the VISA card, and cheaper too.
To work, the Lightning Network uses off-chain transaction channelswhich are later added to the main chain.
We will note that Binance has shown the way for Binancians eager to take advantage of this new convenience. A FAQ page was set up for this purpose.
By accessing it, users will notably be able to learn the basics of a BTC deposit via the Bitcoin Lightning Network.
Now when they withdraw or deposit bitcoins, they will see the“LIGHTING” option among the existing choices: Bitcoin, BNB Beacon Chain (BEP2), BNB Smart Chain (BEP-20) and Ethereum ERC-20.
Note also that several crypto exchanges have already adopted the Lightning Network. Binance joined by this integration OKX, Kraken, CoinCorner, Bitfinex and also River Financial.
Brian Armstrong, whose Coinbase exchange has been a hit with Bitcoin ETF issuers, also announced a similar plan last April. Certainly, Coinbase will be the next integrator of the Bitcoin Lightning Network.
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