Binance Successfully Integrates Bitcoin on Lightning Network: By allowing users to construct off-chain transaction channels, Bitcoin’s Lightning Network enables faster, more affordable, and more scalable transactions.
Binance, a cryptocurrency exchange, declared that the Lightning Network (LN) integration of Bitcoin was complete.
Users of Binance will be able to use the scaling solution for Bitcoin deposits and withdrawals as a result of the action. Users will also have the option of “BTC-Lightning” when depositing BTC in addition to the regular options of Bitcoin, BEP20, SegWit, and others.
With the most recent integration, Binance has joined other well-known companies using the layer 2 scaling solution, including Kraken, OKX, Bitfinex, and River Financial.
The temporary halt of BTC withdrawals due to an influx of pending transactions brought on by the sharp increase in BTC network gas fees prompted Binance to first announce its intention to join the Lightning Network in May.
The cryptocurrency exchange started running numerous Lightning Network nodes in June in an effort to make BTC deposits and withdrawals on its platform more affordable.
After a sluggish beginning, LN’s acceptance was aided by a number of famous collaborators, including the decentralized social media service Nostr. Earlier this year, LN’s capacity crossed the milestone of 5,000 BTC.
According to recent research by Valkyrie Investments, Strike, a Lightning Network mobile payment application, is largely responsible for the adoption of the LN in emerging areas like South America and Africa.
While this is going on, Lightning Labs, the organization that created LN, has just made a new toolset available to help AI programs like OpenAI’s ChatGPT communicate with the Bitcoin network in order to transfer, receive, and keep the cryptocurrency asset.