Coinbase Partners With LightSpark to Integrate Bitcoin Lightning Network

Coinbase, one of the leading cryptocurrency exchanges in the world, has partnered with open payments platform LightSpark to integrate the Bitcoin Lightning network into its platform. This monumental development will make it possible for Coinbase users to send Bitcoin cheaper and instantly.

Coinbase selects LightSpark for Bitcoin Lightning integration

The California-based open-source protocol, LightSpark, made this known earlier today through an announcement on its official website. In the statement, LightSpark expressed its excitement in bringing one of the industry giants to Lightning at the perfect time adding that the integration will create room for more collaboration between both companies in the future.

We're excited to share that @Coinbase has selected @Lightspark to bring the Lightning Network to all its customers, promising near-instant, cheaper Bitcoin transactions. Read more here: https://t.co/PaxyhKMZtv pic.twitter.com/MoEENtjElm

— Lightspark (@lightspark) April 3, 2024

Coinbase now joins the league of other industry top players like Binance, Kraken, and Bitfinex to provide a faster and cheaper means of transferring BTC in the Lightning network. For context, the Bitcoin Lightning Network is a decentralized network that makes use of the blockchain’s smart contract features to enable quick and inexpensive transactions among its members. It is a layer 2 solution for Bitcoin that utilizes micropayment channels to handle more transactions by scaling its capacity.

LightSpark has been working tirelessly for two years to create a platform that positions as the go-to provider for Lightning Network in the market. The company stated that it had successfully removed most of the complexities that come with incorporating lightning nodes for sending and receiving transactions reliably.

“This integration allows Coinbase to benefit from a scalable, reliable, and fully optimized node infrastructure that provides a deep suite of functionality through a simple and intuitive interface,” according to the statement.

Coinbase had previously clarified that it was not “overlooking the Bitcoin Lightning Network,” rather, it was looking for the best approach to integrate the solution. The new relationship with LightSpark makes it evident that the crypto exchange has found the perfect provider.

Finally, Shan Aggarwal, Vice President of Corporate and Business Development at Coinbase stated that the exchange is dedicated to enhancing the effectiveness and speed of the global financial system, with the integration now set to become a reality.