Coinbase CEO Brian Armstrong, in a tweet on Saturday, hinted that the exchange would add the Bitcoin Lightning Network to its platform. Although he didn’t give a specific date for the integration, Armstrong noted that the Bitcoin Lightning Network is great and that the exchange is considering the prospect of including it soon.
Coinbase to Integrate the Lightening Network
“My tweets auto-delete after some number of months, so there is no search history. Lightning is great and something we’ll integrate,” Armstrong tweeted.
Since the whitepaper was released in 2016, the Bitcoin Lightning Network has gained loads of attention from developers and crypto exchanges. Exchanges like Bitstamp, Bitfinex, Kraken, and OKCoin have adopted the Layer-2 chain, integrating it into their platforms.
The Lightning Network is a layer-2 solution on the Bitcoin blockchain that allows off-chain transactions among participating nodes. It was created to enable swift transaction processing, increase scalability, and reduce transaction fees in the Bitcoin network.
The Bitcoin Lightning Network can theoretically handle millions of transactions in seconds, unlike the Bitcoin protocol, which runs less than ten transactions per second.
Lightning Network Sees More Adoption
In reply to a tweet where a Twitter user called out Coinbase for “ignoring” the Lightning Network and refraining from commenting on issues around it, Armstrong made it clear that he is a huge fan and has plans in place for it.
Last year, the Bitcoin Lightning Network’s capacity surpassed 4,000 BTC locked in the channel after it saw a massive increase in user engagement. The now-defunct P2P platform Paxful and Twitter’s Jack Dorsey also added the Lightning Network to their platforms.
With the Bitcoin Lightning network having over 8,000 active channels, Coinbase’s adoption would see it skyrocket. Coinbase is one of the largest exchanges in the world, so an integration would see an unusual usage of the Lightning network.
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