Binance has officially added the Lightning Network to its exchange channels, allowing its users to transfer Bitcoin (BTC) cheaper and much faster. The cryptocurrency exchange previously announced plans to implement the Lightning Network following network congestion caused by BRC-20s.
The Lightning Network is coming to Binance
The Lightning Network is now available as a withdrawal and deposit channel for Bitcoin (BTC) on Binance. The largest cryptocurrency exchange announced that it wanted to implement the Lightning Network after the network congestion caused by the BRC-20, which also caused it to temporarily suspend withdrawals.
#binance has completed Bitcoin integration ( #BTC ) on the Lightning Network and deposits and withdrawals are now open.
More details here 👇 https://t.co/aIofPdtAGY
— Binance (@binance) July 17, 2023
As an overlay of the Bitcoin network, the Lightning Network is used primarily for its speed and economic efficiency. In fact, by using payment channels, the Lightning Network has very low transaction costswhich paved the way for the democratization of micropayments made in BTC.
The second major advantage,The Lightning Network offers unmatched transaction speed on the Bitcoin networkhence its name, which literally translates to “lightning network”.
From now on, Binance users can therefore choose the Lightning Network when they want to withdraw or deposit BTC on the exchange, as in the example below:
Exchanges Kraken, Bitfinex and OKX also offer transfers through the Lightning Network. Last April, the cryptocurrency exchange Coinbase also announced that it wanted to integrate with the Lightning Network, but no timetable has been forwarded on this matter.
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Source: press release
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I wrote articles for Cryptoast to help make blockchain more accessible to everyone. Surely cryptocurrencies will change the future very soon.
Maximilien Pru
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