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Crypto Exchange Binance Completes Integration Of Bitcoin Lightning Network

Twitter icon  •  Published 1 year ago  •  Hassan Maishera

Cryptocurrency exchange Binance has completed the integration of the Bitcoin Lightning Network to enable faster and cheaper BTC transactions.

TL;DR

  • Crypto exchange Binance has completed the integration of the Bitcoin Lightning Network on its platform.

  • This comes roughly a month after Binance announced their plans to integrate Bitcoin Lightning Network.

Binance Integrates Bitcoin Lightning Network

Binance, the world’s leading cryptocurrency exchange by daily trading volume, announced on Monday, July 17th, that it had completed the integration of the Bitcoin Lightning Network on its platform for BTC withdrawals and deposits.

According to Binance, its users can now use the layer-2 scaling solution for BTC withdrawals and deposits.

The cryptocurrency exchange explained that when Binance users choose to withdraw or deposit Bitcoin, they can select “LIGHTNING” as an option. Other options include BNB Smart Chain (BEP-20), Bitcoin, BNB Beacon Chain (BEP2), BTC (SegWit), and Ethereum ERC-20.

Binance first revealed in May that it could integrate Lightning Network after the cryptocurrency exchange temporarily paused BTC withdrawals due to a flood of pending transactions caused by a surge in BTC network gas fees.

The surge in transaction fees was due to the creation of meme coins on the Bitcoin network in the form of BRC-20 tokens. 

Binance confirmed on June 20th that was working to onboard the Lightning Network. Thanks to this latest development, Binance joins the likes of Bitfinex, River Financial, OKX, Kraken and CoinCorner as the other popular crypto exchanges to have integrated the Lightning Network. 

Brian Armstrong, Coinbase’s CEO, previously revealed that the crypto exchange could integrate the Bitcoin Lightning Network. However, he didn’t specify when that would happen. 

Lightning Network makes Bitcoin transactions faster and cheaper by making it possible for users to create off-chain transaction channels.

 

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Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.