Bitcoin

Light

Crypto exchange giant, Binance, confirmed on Tuesday that it has initiated operations of nodes on the Bitcoin Lightning Network. The move is part of a broader strategy to fully integrate this Layer 2 solution for Bitcoin deposits and withdrawals.
In an <a href="https://twitter.com/binance/status/1671042638592589826" rel="nofollow noopener" target="_blank">announcement</a> made on Twitter, <a href="https://crypto.ro/en/exchange/binance/">Binance </a>shared, &#8220;Some eagle-eyed users spotted our new lightning nodes recently. Yes &#8211; that&#8217;s us! However, there&#8217;s still more tech work to be done. We&#8217;ll update once Lightning is fully integrated.&#8221;
<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#Binance</a> is working to integrate the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#Bitcoin</a> Lightning Network for deposits and withdrawals.
Some eagle-eyed users spotted our new lightning nodes recently. Yes &#8211; that&#8217;s us!
However, there&#8217;s still more tech work to be done. We&#8217;ll update once Lightning is fully integrated. <a href="https://t.co/N0oN8561sN" rel="nofollow" target="_blank">https://t.co/N0oN8561sN</a>
— Binance (@binance) <a href="https://twitter.com/binance/status/1671042638592589826?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">June 20, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
The decision to incorporate the Lightning Network followed an announcement made on May 8. The initiative was first publicized in response to the congestion Binance was experiencing on the primary Bitcoin network.
The Lightning Network, a second layer protocol on the Bitcoin blockchain, is designed to reduce costs and augment the speed of transactions. It comes as an answer to the scalability issues faced by the original Bitcoin network. It is worth noting that Lightning Network supports up to a staggering 1 million transactions per second.
Other exchanges, such as Kraken and Bitfinex, have already implemented the Lightning Network into their operations, showcasing its effectiveness in the realm of cryptocurrency exchanges.
According to data provided by The Block&#8217;s data dashboard, the capacity of Bitcoin&#8217;s Lightning Network has been on a consistent upward trajectory over the past year. At last glance, the network&#8217;s capacity was recorded at a remarkable $148 million, revealing the potential of this Layer 2 solution in handling high volumes of transactions.
<img decoding="async" class="alignnone wp-image-22151 size-full" src="https://crypto.ro/en/wp-content/uploads/2023/06/image_2023-06-20_11-14-38.png" alt="image 2023 06 20 11 14 38" width="527" height="404" srcset="https://crypto.ro/en/wp-content/uploads/2023/06/image_2023-06-20_11-14-38.png 527w, https://crypto.ro/en/wp-content/uploads/2023/06/image_2023-06-20_11-14-38-300x230.png 300w" sizes="(max-width: 527px) 100vw, 527px" title="Binance to integrate Bitcoin&#039;s Lightning Network 2">
The full integration of the Lightning Network by Binance will likely contribute to a smoother user experience by increasing transaction speed and lowering costs. However, as Binance stated, more tech work remains to be done.

Binance to integrate Bitcoin’s Lightning Network

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