Binance, a cryptocurrency exchange, has finished integrating the Bitcoin Lightning Network for deposits and withdrawals on its platform.
In a blog post on July 17, Binance announced that users of the exchange can now use the layer-2 scaling solution for BTC withdrawals and deposits.
Users can now pick “LIGHTNING” as an option when they decide to withdraw or deposit Bitcoin. BNB Smart Chain (BEP-20), Bitcoin, BNB Beacon Chain (BEP2), BTC (SegWit), and Ethereum ERC-20 are more alternatives.
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Binance originally made a suggestion that the Lightning Network would be integrated in May, when it had to briefly halt BTC withdrawals due to a backlog of pending transactions brought on by “the recent surge in BTC network gas fees.”
After users discovered Binance’s own Lightning nodes, Binance subsequently acknowledged that it was preparing to join the Lightning Network on June 20.
Along with other well-known exchanges like Bitfinex, River Financial, OKX, Kraken, and CoinCorner, Binance has adopted the Lightning Network.
Brian Armstrong, the CEO of Coinbase, also made a signal in April that he intended to incorporate the Bitcoin layer 2 network on Coinbase. He did not, however, provide a timetable for when that would occur.
By enabling users to construct off-chain transaction channels, the Lightning Network seeks to make Bitcoin transactions quicker and more affordable.