Customers of Binance can now deposit and withdraw money using the Lightning Network, Bitcoin’s Layer-2 scaling solution.
Famous Crypto Exchange Binance Announces Completion of Bitcoin Lightning Network Integration
The Lightning Network, a well-known scaling solution built on top of the Bitcoin blockchain, has now been fully integrated into Binance, the largest cryptocurrency exchange in the world by trading volume. The announcement about the completion of the integration was made on Binance’s official Twitter account.
When depositing or withdrawing Bitcoin from the exchange, users must choose the “BTC-Lightning” network as their network in order to make use of the new feature.
When Did Integration with Lightning Start?
The integration follows Binance’s declaration that it was putting Lightning nodes into its infrastructure last month. Following a period of increased network congestion that caused Binance to briefly halt BTC withdrawals, the exchange first announced its plans to offer Lightning withdrawals in May.
The advent of the BRC-20 token standard built on the Bitcoin Ordinals protocol is largely to blame for the network congestion that led to a considerable increase in the average transaction costs for Bitcoin.
Leave a comment