Binance Integrates Lightning Network


The Binance crypto exchange team has completed the implementation of the Bitcoin Lightning Network (LN) micropayment network for depositing and withdrawing funds.

Data: Twitter.

Users can now select LN as an option when making deposits. Other options for depositing or withdrawing your first cryptocurrency include BNB Smart Chain (BEP-20), BNB Beacon Chain (BEP2), SEGWITBTC (SegWit), and Ethereum (ERC-20).

Deposit BTC on Binance. Data: Binance.

In addition to Binance, the micropayment network has already been implemented by Bitfinex, Kraken, River Financial, OKX and CoinCorner.

The company first announced plans for integration in May after an internal failure due to congestion in the bitcoin network. To prevent similar situations in the future, the exchange team has begun work on ensuring the withdrawal of the first cryptocurrency through the Lightning Network.

Later, the developers reported on the launch of new LN nodes.

According to LookIntoBitcoin data, micropayment network throughput has been growing over the past year, but has started to decline in the last week. At the time of writing, the indicator is at around 4864 BTC ($146.4 million).

Lightning network bandwidth. Data: LookIntoBitcoin.

Earlier, Coinbase CEO Brian Armstrong promised to integrate the Lightning Network “in some capacity.”

Recall that in June, the Binance mining pool introduced a transaction acceleration service for VIP traders.

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