Cryptocurrency exchange Coinbase has officially launched its Bitcoin Lightning Network integration. In fact, the exchange announced that the integration, made possible through its partnership with Lightspark, will officially begin rolling out today.
Assimilation of the Bitcoin Lightning Network into exchanges will make it easier for users to make instant and low-cost Bitcoin transfers. Specifically, all her Coinbase users will now have a faster and more affordable option to choose from. However, you can also choose the traditional Bitcoin network to process your transactions.
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Coinbase launches Bitcoin Lightning integration
Throughout the first four months of this year, the popularity of Bitcoin and the digital asset market has grown quite impressively. Despite the price correction, BTC reached a high of $73,000 in March. This figure was an all-time high for the cryptocurrency market leader.
Now, the asset is set to receive a significant update on one of the industry's largest exchanges. Specifically, Coinbase announced that it will officially integrate the Bitcoin Lightning Network starting Tuesday. Additionally, integration is now possible through our exchange partnership with Lightspark.
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The company said the integration “further strengthens our mission to build a penny-per-second global payments system that provides affordable access to everyday financial tools.” Additionally, Lightning Network integration reduces the cost of global BTC transactions by 20x.
A traditional Bitcoin transfer on Coinbase can take between 10 minutes and two hours, the exchange says. However, that time and subsequent costs were significantly reduced through integration. Since the network's launch in 2017, demand from crypto market participants has continued to increase.
Innovation in blockchain transactions should be essential to the continued growth of assets. Additionally, it incentivizes this asset for traders who had difficulty overcoming increased trading costs.Overall, this integration is a big step towards helping his Coinbase users and his BTC traders
