Cryptocurrency exchange Binance announced that it is preparing to integrate the Bitcoin Lightning Network (LN) micropayment network for deposits and withdrawals.
#Binance is working to integrate the #Bitcoin Lightning Network for deposits and withdrawals.
Some eagle-eyed users spotted our new lightning nodes recently. Yes – that’s us!
However, there’s still more tech work to be done. We’ll update once Lightning is fully integrated. https://t.co/N0oN8561sN
— Binance (@binance) June 20, 2023
“Some attentive users have recently noticed our new Lightning nodes. Yes – it’s us! However, there is still a lot of technical work ahead. We will let you know as soon as LN is fully integrated,” the platform said.
Binance first announced integration plans in May after an internal failure due to bitcoin network congestion. 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.
Some competing trading platforms – Bitfinex and Kraken – have already added support for the micropayment network.
According to LookIntoBitcoin data, LN throughput has been growing over the past year. At the time of writing, the indicator is at around $145.3 million or 5410 BTC.
Recall that in June, the Binance mining pool introduced a transaction acceleration service for VIP traders.
Earlier, Coinbase CEO Brian Armstrong promised to integrate the Lightning Network “in some capacity.”
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