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Coinbase, a renowned US-based cryptocurrency exchange, is considering integrating Bitcoin's Lightning Network to facilitate quicker cryptocurrency payments. The exchange's CEO, Brian Armstrong, in response to a tweet by Jack Dorsey.
The Twitter Co-Founder questioned Coinbase's approach toward Bitcoin and Lightning Network adoption
We’re looking into how to best add Lightning. It’s non-trivial, but I think worth doing. I’m all for payments taking off in Bitcoin.
— Brian Armstrong 🛡️ (@brian_armstrong) August 2, 2023
Not sure why you think we’re ignoring Bitcoin - we’ve onboarded more people to Bitcoin than probably any company in the world.
Let’s build it… https://t.co/9dFGYd6XZt
Armstrong saw Lightning Network's value and voiced enthusiasm for integrating it into Coinbase. He emphasized that although the integration is difficult, the advantages of facilitating speedier Bitcoin payments make it worthwhile. Armstrong also emphasized Coinbase's importance as the firm responsible for introducing more people to Bitcoin than any other in the world.
Coinbase's apparent lack of commitment to the Lightning Network has drawn criticism. Despite the doubts of some, Armstrong has repeatedly promised supporters that the network would be included in the exchange. However, the breadth and timetable of the integration remain unknown at this time.
Many competing cryptocurrency exchanges, including OKX, Binance, Kraken, and Bitfinex, have already adopted Lightning Network support. OKX launched its network in 2021, allowing customers to deposit and withdraw Bitcoin easily. In 2022, Kraken followed suit, praising the network for its speed and cheap fees while sending Bitcoin. Bitfinex, however, has begun using the Lightning Network this year.
Integration with the Lightning Network has the potential to speed up Bitcoin transactions. Off-chain transactions are possible if communication channels are set up between the parties involved. When a transaction is completed, the corresponding channel closes, and the relevant information is added to the main Bitcoin blockchain, allowing for much quicker settlements.
In addition, conventional banks are now investigating Lightning Network. In March, Xapo Bank and Lightspark collaborated to add the network, enabling consumers to purchase Bitcoin via the bank.
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Brenda has been a news writer since 2019 with a deep background in crypto. Brenda commits to producing excellent, well-optimized content to ensure consumer satisfaction.