Overview
Leading crypto exchange Coinbase has announced its decision to integrate the Lightning Network (LN), a layer 2 payment protocol, in response to growing demands for faster and cheaper Bitcoin transactions. This move comes as exchanges like Coinbase and Binance have previously shown hesitation towards adopting LN due to concerns surrounding their revenue streams. However, Coinbase CEO Brian Armstrong expressed enthusiasm about enabling more efficient Bitcoin transactions and assured users that the integration process will take some time.
Coinbase CEO's Statement
Brian Armstrong, CEO of Coinbase, confirmed the exchange's decision to integrate the Lightning Network, addressing the importance of Bitcoin and expressing excitement about enabling faster and cheaper transactions. He also urged users to be patient as the integration process is expected to take some time.
Background
The feasibility of Lightning Network integration was investigated a month prior by Viktor Bunin, a Protocol Specialist at Coinbase. During this period, influential figures in the crypto industry, such as MicroStrategy founder Michael Saylor and Square CEO Jack Dorsey, publicly questioned Armstrong's stance on LN. Armstrong responded by affirming their interest in adopting LN and emphasized Coinbase's efforts in bringing more users into the Bitcoin ecosystem.
Community Response
The crypto community celebrated Coinbase's decision to integrate the Lightning Network, as it will enable more users to conduct affordable and efficient Bitcoin microtransactions. This move by Coinbase follows Binance's announcement on July 17th, confirming the completion of Bitcoin LN integration for BTC withdrawals and deposits. Binance users can now choose the "LIGHTNING" option when selecting Bitcoin for withdrawals or deposits, joining other available options such as BNB Smart Chain, BNB Beacon Chain, BTC (SegWit), and Ethereum ERC-20.
