Leading cryptocurrency exchange, Bitfinex has stolen the match ahead of their competitors to become the first platform to fully integrate Bitcoin Lightning Network deposits and withdrawals.
Bitfinex has since last month been teasing the release of two new features leaving the community in the dark regarding what plans the exchange operators had in mind.
However, in an announcement scheduled to be published on Nov. 3, Bitfinex let the cat out of the bag, perhaps rather forced by tweets that revealed the integration before it was announced on social media, just like it often happens in the crypto industry.
WhalePanda tweeted a picture containing the announcement alongside a message which reads:
Great to see more exchanges implementing Lightning! Congrats @paoloardoino and @bitfinex. Waiting to see what the limitations/restrictions are though.
Bitcoin core developer, Jameson Lopp also confirmed the development, touting Bitfinex as the first crypto exchange to complete Lightning Network integration, and expressing confidence that others will follow through.
Meanwhile, Bitfinex’s Chief Technology Officer (CTO) Paolo Arduino on his part, added that the new service was properly tested to prevent any risk for users.
The Bitcoin Lightning Network, as we’ve explained in the past allows for faster Bitcoin transactions and lower fees with the side- chain transaction data being offloaded to the main network following the closure of the channel.
Bitfinex also detailed how its Lightning Network integration will work, with users having a choice to decide whether to use the platform’s integration or connect their own lightning nodes.
In another development targeted towards improving transaction times, Coinfomania reported earlier today that Binance to Binance transfers will no longer require a blockchain network confirmation before they’re processed.Never miss out on our daily crypto news, stories, tips, and price analysis. Join us on Twitter | Telegram | Facebook or subscribe to our weekly Newsletter.