Coinbase, the Bitcoin and crypto-exchange has been around since integrated Bitcoin’s Lightning NetworkThe company has enabled its US users to conduct BTC transactions faster and at a lower cost (except in New York).
It is the biggest Bitcoin exchange Coinbase adopting Lightning, a Bitcoin scaling solution, is an important win, both globally and by volume of users, traders, and assets. By moving Bitcoin transactions off the blockchain, Lightning allows for near-instant Bitcoin payment with lower fees.
Coinbase’s Lightning integration has been in the works for many years, as part of its goal to build a payment network that costs pennies per transaction. This integration allows the huge US customer base of Coinbase to make instant payments using Bitcoin at affordable prices.
Coinbase, in partnership with Lightspark (co-founded by David Marcus, former PayPal executive), has now enabled users to withdraw and send Bitcoins via Lightning.
The transactions are processed in just seconds, and the cost is a fraction that of BTC on-chain payments.
Marcus has reached a milestone. stating “We’re so thrilled to be part of this journey with you to bring Lightning to 100s of millions of people in over 100 countries. Big milestone for the entire network and for Bitcoin.”
Coinbase is one of the largest cryptocurrency exchanges in the world. The Bitcoin community had been waiting for Lightning to be integrated.
Coinbase’s inclusion of Lightning Network marks the biggest jump towards adoption for the protocol yet. It will allow the Lightning Network to reach millions more new users.
Coinbase’s adoption of the Bitcoin network shows its faith in its maturity. It also highlights Layer 2 Scaling’s potential to transform Bitcoin into a worldwide payment rail.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: bitcoinmagazine.com
