Binance has Announced the Integration of the Lightning Network
- Crypto exchange Binance has said that it has completed the integration of the Lightning Network.
- The Lightning Network “aims to enable faster, cheaper, and more scalable transactions,” said the firm.
- The layer 2 network “alleviates congestion on the Bitcoin blockchain, allowing for a higher tps.”
- Binance recently laid off 1,000 employees after formerly boasting a workforce up to 8,000.
The world’s biggest crypto exchange, Binance, has taken a significant step for the Bitcoin ecosystem, announcing the integration of the Lightning Network, a “layer 2” payment protocol layered on top of the Bitcoin network. Interestingly, this might result in increased adoption of the leading digital asset, which is currently more than 50% down from its all-time high in November 2021.
In a July 17 blog post, Binance confirmed that it has completed the integration of the Lightning Network, which “aims to enable faster, cheaper, and more scalable transactions by allowing users to create off-chain transaction channels.” It is crucial to note that the Lightning Network “alleviates congestion on the Bitcoin blockchain, allowing for a higher number of transactions per second.”
More importantly, on the Bitcoin Lightning Network, “transactions are near-instantaneous as they don’t require confirmation by miners,” said Binance in the announcement, while adding that “payments can be settled within seconds or even milliseconds.”
“Transactions on the Bitcoin Lightning Network typically have significantly lower fees compared to Bitcoin network transactions. This makes microtransactions economically viable,” said the crypto exchange.
As reported earlier by Bitnation, a mobile payments firm operated by former Twitter CEO Jack Dorsey’s Block Inc., Cash App, will allow its 40 million customers to accept payments in Bitcoin via the Lightning Network. The firm announced several free features for its customers earlier this year, like the conversion of paychecks into Bitcoin and rounding off debit and credit card payments into BTC.
It is crucial to note that Binance recently said that it had plans to integrate the Lightning Network and allow users to withdraw and deposit money on the crypto trading platform. Interestingly, after the completion of the integration, the adoption of the Bitcoin Network is expected to increase significantly.
More importantly, the leading crypto exchange recently laid off 1,000 employees after formerly boasting a workforce of up to 8,000. Sources revealed that the job cut was global and heavily affected those in the customer service department.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
