Crypto Exchange Binance Completes the Integration of Bitcoin Lightning Network
In the latest announcement on Monday, July 17, crypto exchange Binance announced that it has completed the much-awaited integration of the Bitcoin Lightning Network.
As a result, Binance users will now be able to leverage the Layer-2 scaling solution for Bitcoin withdrawals and deposits. The crypto exchange noted: “Binance has completed the integration of Bitcoin (BTC) on the Lightning Network. Deposits and withdrawals for Bitcoin (BTC) are now open on the Lightning Network”.
#Binance has completed the integration of Bitcoin ( #BTC ) on the Lightning Network and deposits and withdrawals are now open.
More details here 👇https://t.co/aIofPdtAGY
— Binance (@binance) July 17, 2023
Binance’s Push to Use the Lightning Network
Binance has been working over the past two months on integrating the Bitcoin Lightning Network at its end. Back in early May 2023, crypto exchange Binance had to pause withdrawals due to the massive surge in the gas fees driven by the Bitcoin Ordinals inscriptions.
Later last month in June, Binance CEO Changpeng Zhao confirmed that they have been working on integrating Bitcoin Lightning. Binance is using the Lightning Network to make Bitcoin transactions faster and more scalable. This technology allows for smoother user experiences by reducing transaction costs and speeding up settlement times.
It also improves the overall efficiency and convenience of using Bitcoin. With the Lightning Network’s off-chain capabilities, Bitcoin’s scalability is enhanced, addressing issues like network congestion and transaction delays.
With Binance integrating the Layer-2 scalability Bitcoin Lightning Network at its end, there’s a probability that other exchanges might as well follow it in the future.
Big Players Working on Bitcoin Lightning Network
Big players in the crypto market industry have pledged their support to the Bitcoin Lightning Network development and future growth. Earlier this year, Jack Dorsey’s digital payments company Block Inc. announced that it shall be using its own Bitcoin reserves to provide liquidity to the Bitcoin Lightning network.
Block Inc’s Bitcoin-focused unit TDB has planned to launch its own Lightning Service Provider c= in order to reduce the failed transactions on the Lightning Network due to the lack of liquidity.
MicroStrategy, the world’s largest corporate holder of Bitcoins, is also bullish on the Bitcoin Lightning solution. MicroStrategy CEO Michael Saylor has already integrated Bitcoin Lightning into his email address.
So @MicroStrategy converted my corporate email address into a #Lightning⚡️ address and people keep sending me 21 sats…🧡 pic.twitter.com/FHde6RtA6N
— Michael Saylor⚡️ (@saylor) April 17, 2023
- Cyber Hornet Seeks SEC Nod for S&P 500 and XRP ETF
- Cathie Wood’s Ark Invest Eyes Stake in Tether as USDT Issuer Targets $500B Valuation
- Kraken Secures $500M at $15B Valuation, Eyes IPO in 2026
- Bybit Lists Ripple’s RLUSD Following BlackRock and VanEck Integration
- SWIFT Plans Stablecoin and On-Chain Messaging Pilot on Linea, Challenging Ripple
- Solana Price Set for Q4 Surge as Canary Capital ETF Filing Meets Wyckoff Accumulation
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
- Shiba Inu Price Eyes Recovery From Demand Zone With Burn Rate Soaring Nearly 400%
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
