- Calling Bitcoin “the most important crypto asset,” Armstrong confirmed the crypto exchange’s decision to integrate Bitcoin’s Lightning Network after completing a consultation process.
- Armstrong’s comments follow a consultation process launched in August seeking feedback on how best to implement Lightning.
- Coinbase’s co-founder added that integrating the Layer 2 network will take some time and urges users to be patient.
According to the information provided by Brian Armstrong, CEO of Coinbase exchange, on X today, the exchange has started working to integrate Bitcoin’s Lightning network.
Coinbase to Integrate Lightning Network into the Exchange
Coinbase CEO Brian Armstrong has confirmed the crypto exchange’s decision to integrate Bitcoin’s Lightning Network after completing a consultation process, referring to Bitcoin as the “most important crypto asset.”
In a message posted on Twitter today, Armstrong stated, “The team has dug in on this and decided to integrate Lightning,” adding, “We’re excited to contribute to faster/cheaper Bitcoin transactions.”
The Coinbase co-founder noted that integrating the Layer 2 network would take some time and urged users to be patient. Armstrong first proposed Coinbase’s integration of the Lightning Network back in April.
The Lightning Network is a second-layer solution built on top of the Bitcoin network, designed to enable fast and low-cost transactions.
How Did the Process Unfold?
Armstrong’s comments follow an August consultation process seeking feedback on how best to implement Lightning.
This process began as a response to an August post by Block CEO Jack Dorsey, who asked, “Why are you still ignoring Bitcoin and Lightning? Which ‘crypto’ is a better money transmission protocol and why?”
At the time, Armstrong replied, “We are exploring how to best add Lightning. Not easy, but think it’s worth it. I totally agree that payments on Bitcoin should increase.” He added, “I don’t understand why you think we’re ignoring Bitcoin; I can probably say that we’ve onboarded more people onto Bitcoin than any other company in the world. Let’s build together.”
Coinbase protocol specialist Viktor Bunin led the initiative and sought opinions on “adding support, user experience flows, open-source tools, service providers, and edge cases.”
In July, two weeks before announcing the consultation, Bunin faced criticism for suggesting that every major upgrade requires a hard fork of Bitcoin. He later responded, “I was wrong. Recently, they’ve all been soft forks. I’m sorry, but I also don’t feel bad for Bitcoin advocates who genuinely know nothing about other networks.”
Adoption of the Lightning Network
The adoption of the Lightning Network has been ongoing over the past year, and as of now, it has a capacity of around 5,000 Bitcoin (approximately $128 million). However, this capacity has fallen by 12.5% since peaking at 5,640 Bitcoin in July.
Coinbase will join several major crypto exchanges, including Binance, Kraken, and Bitfinex, which completed integration in July, in offering Lightning Network services to users.
