- In its latest announcement on Monday, July 17th, Binance confirmed the completion of the long-awaited Bitcoin Lightning Network integration.
- Binance has been working on the integration of the Bitcoin Lightning Network for the past two months.
- In June, Binance CEO Changpeng Zhao confirmed their efforts to integrate Bitcoin Lightning.
Crypto exchange Binance has finally accomplished the long-awaited Bitcoin Lightning Network integration, and other exchanges may follow suit.
Binance Exchange Successfully Integrates Binance Lightning Network!
Binance, in its latest announcement on Monday, July 17th, revealed that it has completed the long-awaited integration of the Bitcoin Lightning Network. Binance users can now utilize the Layer-2 scaling solution for Bitcoin deposits and withdrawals.
The crypto exchange stated:
“Binance has completed the integration of Lightning Network for Bitcoin (BTC). Deposits and withdrawals for Bitcoin (BTC) are now open on the Lightning Network.”
Binance has been working on the integration of the Bitcoin Lightning Network for the past two months. In early May 2023, due to a significant increase in transaction fees caused by Bitcoin Ordinals inscriptions, the crypto exchange had to suspend withdrawal operations.
In June, Binance CEO Changpeng Zhao confirmed their efforts to integrate Bitcoin Lightning. Binance employs the Lightning Network to make Bitcoin transactions faster and more scalable.
This technology provides smoother user experiences by reducing transaction costs and accelerating settlement times. Additionally, it enhances the overall efficiency and user-friendliness of Bitcoin. Lightning Network’s off-chain capabilities improve Bitcoin’s scalability, addressing issues such as network congestion and transaction delays.
With Binance’s integration of the Layer-2 scaling Bitcoin Lightning Network, it is likely that other exchanges may follow suit in the future.
Major players working on the Bitcoin Lightning Network
Prominent players in the crypto market have pledged support for the development of the Bitcoin Lightning Network and its future growth. Earlier this year, Jack Dorsey’s digital payment company Block Inc. announced that it would provide liquidity to the Bitcoin Lightning network using its Bitcoin reserves.
Block Inc.’s Bitcoin-focused unit TDB plans to launch its own Lightning Service Provider (LSP) to reduce failed transactions on the Lightning Network due to liquidity constraints.
MicroStrategy, the largest corporate holder of Bitcoin globally, also views the Bitcoin Lightning solution favorably. Michael Saylor, the founder of MicroStrategy, has integrated Bitcoin Lightning into his email address.
