Coinbase To Integrate With Bitcoin Lightning Network• April 9, 2023 11:43 am • Comments
The CEO of Coinbase, Brian Armstrong, just mentioned that the crypto exchange will be integrating with the Bitcoin Lightning network.
This announcement was made on Armstrong’s personal Twitter where he stated that this was something that the company had been looking into for awhile.
However, there has not been any indication on when this integration will happen and how exactly the exchange will use the network.
Bitcoin’s lightning network is essentially a layer2 network that helps Bitcoin scale by providing faster transaction times as well as cheaper fees.
Many who use Coinbase believe that the company will likely use it to improve crypto deposits and withdrawals which is a process that the company sometimes to do in a timely manner.
⚡️@brian_armstrong confirms @coinbase will integrate #bitcoin #lightning 🙌 pic.twitter.com/9Ot5gEZsTQ
— Lightning Network+⚡️ (@BTC_LN) April 9, 2023
Several crypto stakeholders, like MicroStrategy’s founder Michael Saylor, have reacted positively to Amrstrong’s statement. A Bitcoin holder Derek Ross said:
“Adding Lightning support for deposits and withdrawals would be phenomenal.”
Several others were skeptical, noting that it might take forever for Coinbase to do this.
Meanwhile, some advised Coinbase to be fast with the integration because the exchange might end up with nothing to offer apart from Bitcoin, given the current regulatory environment.
If Coinbase integrates Lightning, it will join rivals like Kraken, Bitfinex, BitStamp, and OKEx, which already support the L2 solution.
Choosing to integrate with Bitcoin Lightning also seems to be a good investment given that the adoption of the network has been steadily growing throughout the past few years.
Transaction volume has continued to grow steadily due to the use of the network and there have been many external platforms that are also utilizing it besides crypto exchanges.
So far, exchanges like Kraken, Bitfinex, and Bitstamp already support this integration so it was only a matter of time before one of the biggest crypto exchanges jumped on board.
Once this integration is complete, it is expected that this will affect prices for both Coinbase stock as well as the price of BTC which has currently been on a bull rally.
Coinbase Will Integrate Bitcoin Lightning Network, Says CEO Brian Armstrong https://t.co/AIBXusI14S
— Sumbu Botol (@SumbuBotol) April 9, 2023
Nonetheless, when Amstrong replied that his page would automatically clear all the data once in six months, Wicked conveyed his gladness in receiving the response. Together with the message, he posed a concern to know why Armstrong has been ignoring his messages regarding Lightning Networks, while he commented on other topics; so far, Armstrong hasn’t responded.
Interestingly, the blockchain architect MartyParty dropped a line on his official Twitter page, stating “Brian Armstrong says Coinbase is integrating the Bitcoin Lightning Network”:
Breaking: Brian Armstrong says @coinbase are integrating the Bitcoin Lightning network.
— MartyParty (@martypartymusic) April 8, 2023
Significantly, the lightning network has been discovered to improve the easiness of Bitcoin as a cryptocurrency. As the network uses a smart contract for off-blockchain payments, the transfer would become easier and more instant.
NEW‼️ Coinbase CEO – #Bitcoin Lightning is great and something we’ll integrate.
— Bitcoin Archive (@BTC_Archive) April 8, 2023
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