Coinbase Set to Embrace Lightning Network for Faster Bitcoin Transactions
Coinbase CEO Brian Armstrong announced on Tuesday that the Lightning Network, a popular layer-2 scaling solution for Bitcoin, is set to be added to the platform.
This move comes after Jack Dorsey, co-founder of Block Inc., questioned why Coinbase was not embracing Bitcoin and Lightning. Armstrong responded by stating that they are actively exploring how to integrate Lightning, acknowledging the importance of promoting Bitcoin payments. The Lightning Network addresses Bitcoin’s scalability issues, enabling faster and more cost-effective off-chain transactions through payment channels.
Armstrong also refuted claims that Coinbase ignores Bitcoin, highlighting their efforts in onboarding more people to the cryptocurrency. Dorsey welcomed the collaboration, expressing enthusiasm for focusing on Bitcoin and layer 2 technologies. Coinbase’s potential support for Lightning would align it with other major platforms such as Bitstamp, Kraken, OKX, Bitfinex, and Binance, which have already integrated the solution.
Clever Robot News Desk 4th August 2023