Leading cryptocurrency exchange Binance has completed the integration of the Bitcoin Lightning Network, offering users faster and cheaper transactions for bitcoin (BTC) withdrawals and deposits.
Binance Integrates Bitcoin Lightning Network
In a blog post on July 17, the crypto exchange noted that users can now find their assigned BTC deposit address on the Lightning Network within the platform’s “Deposit Crypto” page.
To withdraw or deposit BTC, users can now choose the Lightning Network as an option alongside several other networks, including BNB Smart Chain (BEP20), Bitcoin, BNB Beacon Chain (BEP2), BTC (SegWit), and Ethereum (ERC20).
Binance hinted at the Lightning Network implementation in May after experiencing issues with the volume of pending transactions on its platform due to network congestion and increased gas fees.
At the time, the giant exchange said it had adjusted its fees and was working on enabling the Lightning Network withdrawals, which can help resolve such issues in the future. The exchange revealed in June that it was already running its nodes on the network but noted that “there’s still more tech work to be done.”
The Lightning Network is a layer-2 solution built on top of the Bitcoin blockchain. The network uses micropayment channels to scale the blockchain’s capability and handles transactions faster and cheaper by allowing users to create off-chain transaction channels.
Support for the Lightning Network
With the latest implementation, Binance has now joined a growing list of prominent cryptocurrency exchanges already supporting the Lightning Network. These exchanges include Bitfinex, River Financial, OKX, Kraken, and CoinCorner.
In April, Coinbase CEO Brian Armstrong stated that the Lightning Network is “great” and that it is something the crypto exchange will integrate. Armstrong, however, did not provide further details, such as when it will be integrated.
Several notable individuals in the crypto space have also signaled their support for the Lightning Network. Also in April, Bitcoin proponent and MicroStrategy CEO Michael Saylor integrated Bitcoin’s Lightning Network into his corporate email address, allowing anyone to send him BTC using his work email address.
