• Coinbase is integrating the bitcoin Lightning Network onto its platform.
• The integration of Lightning Network will help move various (smaller) bitcoin transactions off-chain and ensure cheaper transactions.
• Brian Armstrong, the CEO of Coinbase, made an announcement about this news on Twitter.
Coinbase to Integrate Bitcoin Lightning Network
Coinbase – the largest and most popular crypto exchange in the U.S. – has confirmed it’s going to be integrating the bitcoin Lightning Network onto its platform, thus ensuring bitcoin transactions scale and move along at quicker paces.
What is Lightning Network?
The Lightning Network has been all the rage in the bitcoin community for some time. The idea is that it helps move various (smaller) bitcoin transactions off-chain, thus ensuring the network has less baggage to deal with. Removing some of these lesser transactions from the BTC mainframe allows bitcoin to move faster when being transferred between wallets. It also ensures transactions are less costly, which has been a problem with bitcoin in the past.
The news involving the Lightning Network was announced on Twitter by Brian Armstrong, the CEO of Coinbase. He stated: “Lightning is great and something we’ll integrate”
SEC Bullying Crypto Firms
The news comes at an interesting time given Coinbase is dealing with quite a bit right now. Not long ago, the trading platform announced it received a Wells notice from the Securities and Exchange Commission (SEC), which has become a major bully on the crypto playground. The agency has made a living out of attacking crypto firms such as Kraken, which was recently forced to part with a $30 million penalty fee and end all its staking services. A Wells notice doesn’t charge a company with any crime but gives them warning that they might be charged in future so that they can prepare for legal proceedings ahead of time if necessary..
< h 2 >Reactions from Crypto Community h 2 > Looking forward to seeing Lightning support on Coinbase,“ said Gabor Gurbacs – a crypto entrepreneur and advisor to Van Eck – upon hearing this news from Coinbase’s CEO Brian Armstrong . People have been getting excited about this integration as it could help improve Bitcoin transaction speed & cost significantly