In the latest announcement on Monday, July 17, crypto exchange Binance announced that it has completed the much-awaited integration of the Bitcoin Lightning Network.
As a result, Binance users will now be able to leverage the Layer-2 scaling solution for Bitcoin withdrawals and deposits. The crypto exchange noted: “Binance has completed the integration of Bitcoin (BTC) on the Lightning Network. Deposits and withdrawals for Bitcoin (BTC) are now open on the Lightning Network”.
#Binance has completed the integration of Bitcoin ( #BTC ) on the Lightning Network and deposits and withdrawals are now open.
More details here 👇https://t.co/aIofPdtAGY
— Binance (@binance) July 17, 2023
Binance’s Push to Use the Lightning Network
Binance has been working over the past two months on integrating the Bitcoin Lightning Network at its end. Back in early May 2023, crypto exchange Binance had to pause withdrawals due to the massive surge in the gas fees driven by the Bitcoin Ordinals inscriptions.
Later last month in June, Binance CEO Changpeng Zhao confirmed that they have been working on integrating Bitcoin Lightning. Binance is using the Lightning Network to make Bitcoin transactions faster and more scalable. This technology allows for smoother user experiences by reducing transaction costs and speeding up settlement times.
It also improves the overall efficiency and convenience of using Bitcoin. With the Lightning Network’s off-chain capabilities, Bitcoin’s scalability is enhanced, addressing issues like network congestion and transaction delays.
With Binance integrating the Layer-2 scalability Bitcoin Lightning Network at its end, there’s a probability that other exchanges might as well follow it in the future.
Big Players Working on Bitcoin Lightning Network
Big players in the crypto market industry have pledged their support to the Bitcoin Lightning Network development and future growth. Earlier this year, Jack Dorsey’s digital payments company Block Inc. announced that it shall be using its own Bitcoin reserves to provide liquidity to the Bitcoin Lightning network.
Block Inc’s Bitcoin-focused unit TDB has planned to launch its own Lightning Service Provider c= in order to reduce the failed transactions on the Lightning Network due to the lack of liquidity.
MicroStrategy, the world’s largest corporate holder of Bitcoins, is also bullish on the Bitcoin Lightning solution. MicroStrategy CEO Michael Saylor has already integrated Bitcoin Lightning into his email address.
So @MicroStrategy converted my corporate email address into a #Lightning⚡️ address and people keep sending me 21 sats…🧡 pic.twitter.com/FHde6RtA6N
— Michael Saylor⚡️ (@saylor) April 17, 2023
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