Bitcoin and cryptocurrency exchange Coinbase integrated Bitcoin Lightning Networkallowing users in the US (excluding New York) to trade BTC faster and cheaper.
As the largest Bitcoin exchange Coinbase’s adoption of Lightning is a huge win for Bitcoin scaling solutions in terms of users, trading volume, and asset storage around the world. Lightning enables near-instant Bitcoin payments with significantly lower fees by moving transactions off-chain.
Coinbase has been working on implementing Lightning support for years to further its mission of building a payments network that costs pennies per transaction. This integration will ultimately unlock the power of instant and affordable Bitcoin payments for the exchange’s large US user base.
In partnership with Lightning infrastructure provider Lightspark, co-founded by former PayPal executive David Marcus, Coinbase now offers users the option to withdraw and transfer Bitcoin via Lightning.
Transactions are processed in seconds and cost a fraction of on-chain BTC payments.
Marcus celebrates a milestone; Says “We are thrilled to join you on this journey to bring Lightning to hundreds of millions of people in over 100 countries. This is a huge milestone for the entire network and Bitcoin.”
The Bitcoin community has long been waiting for Lightning integration from Coinbase, one of the world’s largest cryptocurrency exchanges.
The Lightning Network has experienced impressive growth in recent years, but the Coinbase integration marks the protocol’s biggest leap yet toward widespread adoption, expanding the network to millions of new users.
Coinbase’s adoption demonstrates confidence in the network’s maturity and highlights the potential for layer 2 scaling that will help Bitcoin evolve into a global payments rail.
