Binance, the largest crypto exchange by trading volume, has officially integrated Bitcoin's Layer-2 scaling solution, Lightning Network, into its platform. The integration will see Binance users utilizing the Layer-2 blockchain for Bitcoin (BTC) deposits and withdrawals. Users can now see a "LIGHTNING" option while depositing or withdrawing BTC. - Other options include Bitcoin's main blockchain, BNB Smart Chain (BEP-20), BNB Beacon Chain (BEP2), BTC (SegWit), and Ethereum ERC-20.
- The platform first announced its plans to integrate the Lightning Network in May after it had to temporarily pause BTC withdrawals due to the record-high number of unconfirmed transactions and the unprecedented congestion in the withdrawals.
- In June, several users also detected Binance's own Lightning nodes as a sign for the exchange working on the integration.
- The completed integration is expected to make Bitcoin transactions faster and cheaper on Binance.
Several other crypto exchanges, including Bitfinex, River Financial, OKX, Kraken, and CoinCorner, also previously integrated Bitcoin's Layer-2 scaling solution. - In April, rival crypto exchange Coinbase's CEO, Brian Armstrong, similarly hinted at the platform's plans to integrate the Lightning Network.
|
