Binance to integrate Bitcoin (BTC) Lightning Network

Following congestion issues in May, the firm stuck to its promise of successfully integrating Lightning Network withdrawals

Crypto exchange Binance is reportedly set to incorporate Bitcoin’s Lightning Network for its deposits and withdrawals. 

By including the second-layer solution specifically developed for the Bitcoin (BTC) blockchain, the firm hopes to facilitate faster and cheaper transactions.

Moreover, the move aims to eliminate a repeat of recent events in which the firm temporarily closed its BTC withdrawals after several pending transactions caused a backlog of operations.

Binance has already started running Lightning nodes and confirmed the usage in a recent tweet after BTC developer Udi Wertheimer reported finding Binance on the Lightning network.

“Yes – that’s us!” the office Twitter account confirmed after “eagle-eyed users” spotted the exchange’s Lightning Network nodes.

“Binance is working to integrate the BTC Lightning Network for deposits and withdrawals. However, there's still more tech work to be done. We'll update once Lightning is fully integrated,” said the firm.


Binance is not the first company in the sector to have integrated support for the Lightning Network. Other exchanges include Kraken, Bitfinex, OKX, and the mobile payment platform Cash App.

Looking for your next crypto casino? Check out Mega Dice or FortuneJack!

Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.

Similar News