Binance confirms Bitcoin Lightning Network integration in the works

2 years ago

Cryptocurrency speech Binance confirmed it was moving to integrate the Bitcoin (BTC) Lightning Network (LN) for deposits and withdrawals activities connected its platform, according to a June 20 tweet.

Binance volition articulation Bitfinex, Kraken, and OKX arsenic 1 of the largest trading exchanges to integrate Lightning, according to a GitHub repository by LN advocator David Coen.

Crypto assemblage spot Binance lightning nodes

During the past week, respective crypto assemblage members highlighted Binance’s LN nodes connected the network. Amboss, a information analytics for the LN, corroborated these claims, tweeting that Kraken’s largest transmission was connected to a Binance node.

On June 16, Bitcoin Magazine reported that Kraken and OKX had opened channels with a Binance-related node.

Meanwhile, Amboss said the Binance node was not publishing its transportation information, preventing different nodes from connecting freely.

Binance’s tweet confirmed that it was operating the “new Lightning nodes,” adding that:

“There’s inactive much tech enactment to beryllium done. We’ll update erstwhile Lightning is afloat integrated.”

CryptoSlate contacted Binance for further commentary but did not person a effect arsenic of property time.

In May, the speech hinted that it would integrate LN withdrawals aft it experienced issues with the measurement of pending transactions connected its platform. The speech paused BTC withdrawals astatine the time, citing web congestion and precocious state fees.

Lightning Network adoption grows

The LN is simply a “layer 2” outgo protocol built connected apical of Bitcoin that enables faster, cheaper transactions betwixt nodes and aims to lick BTC scalability issues, thereby improving idiosyncratic acquisition and perchance driving broader adoption of Bitcoin.

Data from DeFiLlama shows that Bitcoin Lightning’s adoption has grown steadily implicit the past twelvemonth to an all-time precocious of 5,700 BTC arsenic of June 20, with Binance’s ongoing integration expected to further boost the network’s usage.