2023-06-20 14:36:04
On Tuesday, Binance confirmed that it has begun integrating the Lightning Network. This would join rivals Kraken and Bitfinex, which have been using Bitcoin’s second-layer solution for quite some time. Crypto exchange Binance confirmed on Tuesday that it has started running nodes on the Bitcoin Lightning Network as part of a plan to integrate it for deposits and withdrawals. “Some eagle-eyed users recently spotted our new Lightning nodes,” Binance wrote in a tweet. “Yes – that’s us! However, more technical work awaits us. We will update once Lightning is fully integrated”. The exchange first announced in a tweet on May 8 that it plans to launch the Lightning Network. This post was in response to the mempool congestion that users on the main Bitcoin network were experiencing recently. The second layer or in English only Layer 2 network, which aims to reduce costs and increase the transmission speed of transactions on the Bitcoin blockchain, has already been integrated by rival exchanges, including Kraken and Bitfinex. The Bitcoin Lightning Network can support 1 million transactions per second. The network’s capacity has steadily increased over the past year, and more and more people are using it for BTC transfers.
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