- Coinbase will integrate the Bitcoin Lightning Network, according to CEO Brian Armstrong
- Armstrong replied to a poster on Twitter that the exchange will utilize the technology, but didn’t specify a timeframe
- The addition of Coinbase would be another feather in the Lightning Network’s cap
Coinbase CEO Brian Armstrong has confirmed that the exchange will integrate Bitcoin’s Lightning Network following an internal review but stopped short of saying when. The Lightning Network has been integrated into some of the top crypto exchanges already as a quicker and cheaper way of sending and receiving BTC, and Coinbase’s integration will be a major feather in the cap for the layer 2 solution and a real boon for users.
Armstrong Talks Up Lightning Network
Armstrong has discussed the possibility is integrating Lightning Network in the past but has never confirmed that Coinbase will go ahead with it. This changed yesterday when Armstrgon gave it the green light:
The team did a great job digging into this, and we’ve made the decision to integrate Lightning. Bitcoin is the most important asset in crypto and we’re excited to do our part to enable faster/cheaper Bitcoin transactions. Will take some time to integrate so please be patient. https://t.co/FneeXkLI25
— Brian Armstrong 🛡️ (@brian_armstrong) September 13, 2023
Other global exchanges such as Binance, Bitfinex, Kraken, and OKX have all integrated Lightning Network in recent years, allowing their users to send BTC far quicker and cheaper than through the main chain. This growth in adoption from major exchanges and wallet providers means that it might not be long until the majority of Bitcoin transactions are being conducted on it.
Lightning Network Has Come of Age in Recent Years
The Lightning Network is older than most people realize, having been first theorized in 2015. However, the technology has taken a long time to match the demands placed upon it, but it has risen to prominence in the past couple of years, most notably as the infrastructure of the entire El Salvador public Bitcoin network.
The Lightning Network operates by taking smaller transactions offline in ‘channels’ between two entities, with all transactions settled on-chain in one go at a quieter time. This reduces congestion on the main chain and brings transaction fees down.