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News - Binance integrates Bitcoin Lightning network
Crypto exchange Binance has fully completed the implementation of the Lightning network for Bitcoin deposits and withdrawals. The company announced this in a blog post on July 17.
The alternative path through the Layer 2 solution is designed to prevent payment stops when the Bitcoin blockchain becomes overloaded. In May, Binance had to temporarily suspend withdrawals of BTC. The reason: the hype surrounding Bitcoin ordinals and BRC-20 tokens caused transaction fees to skyrocket. This led to transaction congestion on the blockchain.
#Binance has completed the integration of Bitcoin ( #BTC ) on the Lightning Network and deposits and withdrawals are now open.
— Binance (@binance) July 17, 2023
More details here 👇https://t.co/aIofPdtAGY
In addition to Binance, other major exchanges such as Kraken or OKX offer lightning access. Coinbase is working on an implementation, according to CEO Brian Armstrong. The Lightning network should make Bitcoin faster and cheaper. This will allow more transactions to be processed in less time.
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