- Binance has fully integrated the Bitcoin Lightning Network on its platform for accelerated BTC withdrawals and deposits.
- This move brings Binance in line with other major exchanges like Bitfinex and Kraken that have adopted the Lightning Network.
In a significant development for the cryptocurrency industry, Binance, a leading exchange, has successfully implemented the Bitcoin Lightning Network into its platform. Now, Binance users can leverage this layer-2 scaling solution for swift BTC withdrawals and deposits, revolutionizing the transaction experience.
— Bitcoin Magazine (@BitcoinMagazine) July 17, 2023
The Dawn of Lightning Speed Transfers
When initiating Bitcoin withdrawals or deposits, Binance users now have the option to select “LIGHTNING”. This stands as an addition to the existing alternatives which include BNB Smart Chain (BEP-20), Bitcoin, BNB Beacon Chain (BEP2), BTC (SegWit), and Ethereum ERC-20. This integration brings to the platform a new level of efficiency, responding to the crypto community’s long-standing demand for faster transactions.
The first inklings of Binance’s plan to adopt the Lightning Network surfaced back in May when the exchange had to momentarily halt BTC withdrawals. The pause was necessitated by a deluge of pending transactions sparked by a drastic increase in BTC network gas fees. This surge was primarily due to the creation of memecoins on Bitcoin via BRC-20 tokens, a recently introduced token standard on the network.
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Binance confirmed its move to incorporate the Lightning Network on June 20, following the discovery of Binance’s own Lightning nodes by vigilant users.
As a Layer 2 protocol, the Lightning Network is designed to enhance Bitcoin transactions, making them faster and more economical. This is achieved by creating off-chain transaction channels, essentially bypassing the often-congested blockchain, resulting in quicker transaction confirmations and lower fees.
Binance’s adoption of the Lightning Network places it among other leading exchanges, including Bitfinex, River Financial, OKX, Kraken, and CoinCorner, which have previously integrated this solution. Meanwhile, Brian Armstrong, Coinbase CEO, expressed his interest in embracing the Bitcoin Lightning Network back in April, without providing a concrete timeline for integration.
This integration, thus, symbolizes a significant stride in enhancing the transactional capabilities of the crypto ecosystem, setting a precedent for exchanges worldwide to follow suit.
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