Binance Successfully Integrates Bitcoin on Lightning Network, Enabling Deposits and Withdrawals
Crypto exchange Binance announced it has completed the integration of Bitcoin on the Lightning Network (LN).
The move will enable Binance users to leverage the scaling solution for Bitcoin deposits and withdrawals. When depositing BTC, users will have the additional option of “BTC-Lightning” alongside the standard choices of Bitcoin, BEP20, SegWit, and others.
- With the latest integration, Binance now stands alongside other prominent players such as Kraken, OKX, Bitfinex, and River Financial to adopt the layer 2 scaling solution.
- Binance initially indicated its intention to integrate the Lightning Network in May, prompted by the temporary suspension of BTC withdrawals due to an influx of pending transactions caused by the significant upsurge in BTC network gas fees.
- In June, the crypto exchange began running multiple nodes on the Lightning Network in a bid to enable cheaper BTC deposits and withdrawals on its platform.
- After a slow start, LN’s adoption was boosted by several notable partners, including the decentralized social media platform Nostr.
- LN’s capacity surpassed an all-time high of 5,000 BTC earlier this year.
- A recent report by Valkyrie Investments stated that the adoption of the Lightning Network is rapidly gaining momentum in emerging markets such as South America and Africa, largely driven by the initiatives of the LN mobile payment application Strike.
- Meanwhile, the company behind LN – Lightning Labs – recently released a new toolkit that assists AI applications such as OpenAI’s ChatGPT to interact with the Bitcoin network to send, receive, and hold the crypto-asset
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