• Coinbase, a leading cryptocurrency exchange, is set to integrate the Bitcoin Lightning Network.
• CEO Brian Armstrong’s announcement has sparked excitement and optimism among the crypto community.
• The adoption of the Bitcoin Lightning Network has grown steadily with an all-time high of 5,490 BTC in February.
Coinbase Embracing Bitcoin Lightning Network
Coinbase, a leading cryptocurrency exchange, is taking steps to embrace the Bitcoin Lightning Network. CEO Brian Armstrong’s announcement has met positive reactions from the crypto community and reinforces the growing adoption of this layer 2 solution for faster transactions and lower fees.
Lightning Integration
Brian Armstrong revealed on April 8 that Coinbase would incorporate the Bitcoin Lighting Network into its platform as a response to a tweet by Wicked, who questioned his lack of public commentary on the subject. Although no timeline was provided for integration, he expressed enthusiasm for this technology stating it is „great“ and „something we’ll integrate.“
Positive Reactions
The news of Coinbase’s planned integration has been well-received by industry figures like Michael Saylor and other users who expressed their excitement about potential benefits such as faster deposits and withdrawals. Skeptics have questioned the timeline for integration while others urged Coinbase to expedite it given the current regulatory environment.
Growing Adoption
Over the past year, adoption of Bitcoin Lightning Network has grown steadily with Total Value Locked increasing significantly from 3,350 BTC at beginning of previous year to an all-time high of 5,490 BTC in February currently sitting at 5,420 BTC. BitPay also reported 18% increase in payments processed through lightning network in Q1 2021 compared to Q4 2020.
Conclusion
Coinbase integrating Bitcoin Lighting network promises faster transactions with reduced fees which is expected to be beneficial not just for users but platforms alike. With growing adoption over past year and positive reactions from crypto community this looks like leap forward in terms of scalability solutions proposed by blockchain technology.