• Coinbase, the largest US crypto exchange, has announced it will integrate the Bitcoin Lightning Network to its platform for quicker and less costly transactions.
• The news was announced on Twitter by Coinbase CEO Brian Armstrong.
• This news comes at an interesting time given Coinbase is dealing with a Wells Notice from the SEC.
Coinbase Integrating Bitcoin Lightning Network
Coinbase – the largest and most popular crypto exchange in the U.S. – has confirmed it’s going to be integrating the bitcoin Lightning Network onto its platform, thus ensuring bitcoin transactions scale and move along at quicker paces.
What is The Lightning Network?
The Lightning Network has been all the rage in the bitcoin community for some time. The idea is that it helps move various (smaller) bitcoin transactions off-chain, thus ensuring the network has less baggage to deal with. Removing some of these lesser transactions from the BTC mainframe allows bitcoin to move faster when being transferred between wallets. It also ensures transactions are less costly, which has been a problem with bitcoin in the past.
Coinbase’s Wells Notice
The news involving the Lightning Network was announced on Twitter by Brian Armstrong, the CEO of Coinbase. This comes at an interesting time given Coinbase is dealing with quite a bit right now – including receiving a Wells notice from the Securities and Exchange Commission (SEC). A Wells notice doesn’t charge a company with any crime; however it’s a warning to them that they may be charged in future – giving them time to prepare and get legal help if necessary.
Reactions To The News
The news surrounding the Lightning Network has got several people excited, with Gabor Gurbacs – a crypto entrepreneur and advisor to Van Eck – saying: Looking forward to seeing Lightning support on Coinbase“.
Conclusion
Overall this integration of Bitcoin’s lightning network into Coinbase should improve transaction speeds and reduce costs associated with trading Bitcoin – something that many users have struggled with in past years!