Last updated on August 8, 2023
Coinbase, one of the largest cryptocurrency exchanges in the US, has expressed its interest in adding support for the Lightning Network on its trading platform. The Lightning Network is a second-layer scaling protocol for Bitcoin that aims to provide users with faster transaction times and lower fees. In response to criticism from former Twitter CEO Jack Dorsey about Coinbase’s lack of focus on Bitcoin and the Lightning Network, Coinbase CEO Brian Armstrong confirmed that they are considering how to best integrate Lightning and emphasized his support for Bitcoin payments. Armstrong also invited Dorsey to collaborate on this initiative. However, Dorsey called for more resources to be dedicated to Bitcoin and layer two technologies to create an open protocol for money transmission on the internet. While no specific timeline was given for the implementation of Lightning on Coinbase, Victor Bunin, a protocol specialist at the exchange, is leading the task and seeking insights from the community. Armstrong acknowledged that integrating Lightning Network support is a complex process, echoing the sentiments of other industry leaders who have expressed the difficulty involved in building on Lightning. Despite the challenges, Coinbase’s move to add Lightning Network support reflects the growing interest in this technology within the cryptocurrency community.
Keywords: Coinbase, Lightning Network, Bitcoin payments, cryptocurrency exchange, scalability, low fees, transaction times, integration, Brian Armstrong, Jack Dorsey, open protocol.
Hashtags: #Coinbase #LightningNetwork #Bitcoin #cryptocurrency #scalability #transactionfees #financialtechnology
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