Last updated on August 8, 2023
Coinbase CEO Brian Armstrong has announced that the crypto exchange is actively exploring the best way to integrate the Lightning Network (LN) into its platform. This comes after criticism from former Twitter CEO Jack Dorsey over Coinbase’s apparent disregard for LN integration.
Armstrong acknowledged the significance of the scalability solution that LN offers, but highlighted the complexities involved in implementing it. He referred to the process as “non-trivial” but worthwhile, as he believes in the potential for payments to flourish in Bitcoin. Despite being open to LN technology, Armstrong did not provide specific details or a timeline for its integration into Coinbase.
This is not the first time Armstrong has faced criticism for not embracing the Lightning Network. However, he emphasized that Coinbase has onboarded more people to Bitcoin than any other company, emphasizing their commitment to the cryptocurrency.
The adoption of Lightning Network has been gaining traction in the industry. Binance recently successfully integrated Bitcoin on the Lightning Network, providing users with an additional option for depositing BTC. This move was prompted by the surge in transaction fees caused by the creation of memecoins on the Bitcoin network. Other platforms, including Bitfinex, Kraken, and OKX, have also integrated the scaling solution.
The Lightning Network has been gaining momentum in emerging markets such as South America and Africa, with its capacity briefly exceeding 5,000 BTC earlier this year.
In conclusion, Coinbase is actively exploring ways to integrate the Lightning Network into its platform, recognizing the potential benefits it offers for faster and cheaper Bitcoin transactions.
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