Binance Integrates Lightning Network Deposits and Withdrawals

Binance, the largest cryptocurrency speech by measurement traded, has announced it has completed the integration of the Lightning Network, a BTC scaling layer, connected its platform. Now users tin execute bitcoin deposits and withdrawals utilizing the network, taking vantage of little fees.

Binance Completes Integration of Lightning Network

Binance precocious announced the completion of its integration of Lightning Network, a scaling furniture for the Bitcoin blockchain. The speech informed astir these caller capabilities connected July 17, explaining that users tin present deposit and retreat bitcoin from Binance utilizing this caller option.

The Lightning Network allows users to accelerate the velocity of their transactions to and from the exchange, fixed that determination is nary request for waiting for transactions arsenic erstwhile utilizing Bitcoin successful its basal layer. Also, the fees for Lightning Network transactions are cheaper than Layer 1-based transactions. This quality is particularly notable successful times of precocious congestion connected the BTC basal layer.

For deposits, the speech accepts transactions starting from 0.00001 BTC ($0.30) and up to 0.05 BTC ($1,510). To retreat BTC, Binance volition cod a web interest of 0.000002 BTC, oregon little than 10 cents per transaction.

A Lightning Journey

Binance announced it was moving connected including Lightning Network capabilities connected its level successful May erstwhile the speech had to pause BTC withdrawals successful a play of web congestion created by the quality of the BTC-based protocol known arsenic Ordinals, which allows users to inscribe arbitrary information connected the BTC blockchain.

Addressing this situation, Binance stated:

To forestall a akin recurrence successful the future, our fees person been adjusted. We volition proceed to show on-chain enactment and set accordingly if needed. Our squad has besides been moving connected enabling BTC Lightning Network withdrawals, which volition assistance successful specified situations.

In June, Binance confirmed it was inactive moving connected the integration aft immoderate users noticed the beingness of Lightning nodes associated with the exchange. However, Binance warned determination was “still much tech enactment to beryllium done,” promising to connection updates erstwhile the integration tasks were finished.

Changpeng Zhao, CEO Of Binance, had stated earlier that the implementation of the Lightning Network was “more complicated” than it mightiness look owed to the on-demand procreation of invoices featured by the Lightning Network, which is antithetic from having pre-generated addresses.

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