Binance Finally Completes Bitcoin Lightning Network Integration

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Binance Finally Completes Bitcoin Lightning Network Integration

Binance announced that it has completed the integration of Bitcoin (BTC) on Lightning Network. The largest cryptocurrency exchange by trade volume made this known through a blog post on its official website on June 17.

According to the announcement, the integration of Bitcoin on Lightning Network has been completed, and deposits and withdrawals are now open on the network. As a result, users can now select the “Lightning” option when trying to complete BTC deposit and withdrawal transactions. This option appears alongside others like BSC (Binance Smart Chain BEP-20), BTC (Bitcoin), BNB (BNB Beacon Chain BEP2), SEGWITBTC (BTC Segwit), ETH (Ethereum ERC20).

Recall that in May, Binance announced its plans to integrate the Lightning Network after it paused Bitcoin (BTC) withdrawals due to a surge in BTC network fees resulting in massive pending transactions.

Related News: Binance to Integrate Bitcoin Lightning Network Soon

Subsequently, on June 20, Binance confirmed its plans to integrate the Lightning Network after users spotted its Lightning node. With the Lightning Network successfully integrated, users can now expect to perform faster Bitcoin transactions and reduced gas fees.

For context, Lightning Network is a second-layer solution built on the Bitcoin blockchain which enhances transaction speed with reduced cost. In addition, Lightning Network allows users to transact directly with each other without the need to record every transaction on the Bitcoin blockchain.

The introduction of Lightning Network might fundamentally revolutionalize how people use cryptocurrencies by streamlining and improving the user experience.

Meanwhile, Binance is not the first crypto exchange to integrate Lightning Network. Binance joins others like Bitfinex, OKX, CoinCorner, Kraken, and River Financial in implementing the network.

Bitcoin (BTC) price today

According to live data from CoinMarketCap, the price of Bitcoin today is $30,284 and is down 0.11% in the last 24 hours. Bitcoin is the most popular cryptocurrency in the world and it is ranked #1 on the global cryptocurrency market chart. It has a live market cap of  $588,236,942,924 ($588 billion).

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Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.