Coinbase eyes Bitcoin Lightning Network integration, says CEO Brian Armstrong

1 year ago

Brian Armstrong, Coinbase’s CEO, said the speech was moving to integrate Bitcoin (BTC) Lightning Network (LN) arsenic portion of efforts to thrust cryptocurrency payments successful the world, according to an Aug. 2 tweet.

Armstrong made this connection successful effect to a tweet from Jack, Twitter’s co-founder, who questioned wherefore Coinbase was ignoring the implementation of LN successful its effort to further crypto outgo options.

In response, Armstrong said:

“We’re looking into however to champion adhd Lightning. It’s non-trivial, but I deliberation worthy doing. I’m each for payments taking disconnected successful Bitcoin.”

The LN is simply a “layer 2” outgo protocol built connected Bitcoin. The scaling solution enables faster, cheaper transactions betwixt nodes and aims to lick BTC scalability issues, thereby improving idiosyncratic acquisition and perchance driving broader adoption of the flagship integer asset. It is besides the astir fashionable BTC L2 solution.

Armstrong did not supply further accusation connected erstwhile the Coinbase integration could happen.

In April, the Coinbase CEO hinted that the speech would integrate LN into its level aft being challenged by respective assemblage members implicit the exchange’s deficiency of entree to the scaling solution.

Meanwhile, Binance joined different apical exchanges, including Bitfinex, Kraken, and OKX, that integrated the L2 solution successful July.

BTC Lightning adoption grows

LN adoption has grown since the opening of the year, evidenced by the caller partnership between Bitcoin Lightning infrastructure provider, Voltage and Google Cloud to summation its hosting capableness and locations globally.

Data from Glassnode further shows that the full worth of assets locked connected the web peaked astatine implicit 5,000 BTC successful aboriginal July. This represents important maturation for the web, considering it had astir 4,000 BTC astatine the opening of this year.