Binance to Incorporate BTC Lightning Network for Seamless Withdrawals and Deposits

Binance is looking to incorporate the bitcoin (BTC) lightning network to address concerns regarding the speed and cost associated with BTC transactions.

Binance is in high gear to adopt the Bitcoin (BTC) Lightning Network to curb issues, such as withdrawal blackouts witnessed during network congestion. 

Through its official Twitter page, crypto exchange Binance has disclosed that it is gearing up for the BTC Lightning Network to make deposits and withdrawals faster and easier.

#Binance is working to integrate the #Bitcoin Lightning Network for deposits and withdrawals.

Some eagle-eyed users spotted our new lightning nodes recently. Yes – that’s us!

However, there’s still more tech work to be done. We’ll update once Lightning is fully integrated. https://t.co/N0oN8561sN

— Binance (@binance) June 20, 2023

The exchange revealed that it has already rolled out new lightning nodes, as seen by some users. Nevertheless, more work is needed to make the BTC Lightning Network more effective. 

Citing an incident on May 7 where a Bitcoin withdrawal worth $3.3 billion triggered network congestion, Binance sees the Lightning Network as a stepping stone towards addressing such impediments because the exchange had to halt withdrawals at the time. 

Why is the BTC Lightning Network a Game-changer?

Being a Layer-2 (L2) scaling remedy on the Bitcoin ecosystem, the Lightning Network makes transactions faster and cheaper compared to those undertaken on-chain or on the BTC mainnet.

Furthermore, the micropayment channels and high throughput on the BTC Lightning Network trigger fees that are close to zero. The many off-chain transactions prompted are also efficient and more readily confirmed. 

The adoption of the BTC Lightning Network continues to gain steam. For instance, CNBC sent Bitcoin to a Ukrainian living in Poland on the Lightning Network, who cashed out in just 3 minutes, as previously reported by The Crypto Basic. This was humanitarian aid based on the ongoing war in Ukraine. 

Additionally, leading fintech company Strike revealed late last year that it had rolled out a feature on the Bitcoin Lightning Network to enable Africans to receive low-cost ad instant remittances. Other exchanges, including Kraken and OKX, have already integrated the Lightning Network.

These essential features and increased adoption rate have triggered Binance’s decision to integrate the Lightning Network for enhanced customer satisfaction.

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• Source: https://thecryptobasic.com/2023/06/20/binance-to-incorporate-btc-lightning-network-for-seamless-withdrawals-and-deposits/?utm_source=rss&utm_medium=rss&utm_campaign=binance-to-incorporate-btc-lightning-network-for-seamless-withdrawals-and-deposits