Last updated on August 8, 2023
Coinbase CEO Brian Armstrong has stated that the cryptocurrency exchange is actively exploring different methods to integrate the Lightning Network (LN), which allows for faster and cheaper Bitcoin (BTC) transactions. This statement comes after criticism from former Twitter CEO Jack Dorsey, who questioned why Coinbase had not yet added support for LN while other platforms like Binance had already done so.
Armstrong acknowledged the importance of LN’s scalability solution but mentioned the complexities involved in its implementation. He described the process as “non-trivial” but emphasized that it is worth pursuing. He assured Dorsey that Coinbase is actively working on finding the best approach to incorporate LN, as the company sees great potential for payments to thrive in Bitcoin.
This is not the first time Armstrong has faced criticism for “ignoring” LN. While he remains open to the technology, he has not provided specific details or a timeline for its potential integration with Coinbase.
Last month, Binance successfully integrated BTC on the Lightning Network, providing users with the option to select “BTC-Lightning” when depositing the asset. Binance’s move was prompted by the surge in transaction fees resulting from the creation of memecoins on Bitcoin’s network. This led to temporary BTC withdrawal suspensions.
In recent years, other prominent platforms like Bitfinex, Kraken, and OKX have also integrated LN as a scaling solution.
The Lightning Network’s capacity briefly surpassed 5,000 BTC earlier this year, indicating its growing popularity, particularly in emerging markets such as South America and Africa.
Overall, Coinbase is actively exploring the integration of the Lightning Network to enhance BTC transactions, recognizing the value and potential of this scaling solution.
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