Coinbase Partners with Lightspark to Launch Lightning Network Support

2024-04-30 22:02:37BlockBeatsShare to:

BTC-1.93% ($60,812.24)

According to BlockBeats, on April 30, The Block reported that Coinbase, the largest cryptocurrency exchange in the United States, has partnered with Lightning Network infrastructure company Lightspark to launch Lightning Network support starting today. This integration enables Coinbase users to send, receive or pay Bitcoin directly through their accounts in a faster and cheaper way. Previously, Bitcoin transfers on Coinbase were processed on-chain, meaning that transactions could take 10 minutes to 2 hours and incur high fees during network congestion. Launched in 2017, the Lightning Network is a second-layer protocol built on the Bitcoin blockchain that aims to solve scalability issues through two-way payment channels, enabling near-instant, low-cost off-chain transactions without the need for immediate settlement on the base layer. "As Bitcoin adoption grows, so does the world's economic freedom," said Viktor Bunin, Coinbase protocol expert and head of Lightning integration. "I'm excited that our Lightning integration is now live, making Bitcoin more useful and accessible around the world." The integration means that the cost for Coinbase users to send Bitcoin globally is now 20 times lower than the average 2% fee charged on credit card transactions and a fraction of the $30 they pay for a wire transfer. Coinbase joins other major cryptocurrency exchanges such as Bitfinex, OKX, Kraken, and more that offer Lightning Network support.

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