Tuesday, February 27, 2024

Binance completes integration of Bitcoin Lightning Network

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Cryptocurrency alternate Binance has introduced it has efficiently built-in Bitcoin (BTC) on the Lightning Community, enabling the usage of the layer-2 scaling resolution for Bitcoin withdrawals and deposits.

Binance confirmed the information in a July 17 weblog submit, the place they defined that Binance users can now entry their BTC deposit deal with on the Lightning Community.

Binance first hinted on the integration of the Lightning Community in Might after it needed to quickly pause BTC withdrawals as a consequence of a mass of pending transactions brought on by the surge of Ordinals inscriptions.

Binance later confirmed it’s working to onboard the Lightning Network on June 20 shortly after customers noticed Binance’s personal Lightning nodes. 

Associated: What is the Bitcoin Lightning Network, and how does it work?

The Lightning Network goals to make Bitcoin transactions sooner and cheaper by permitting customers to create off-chain transaction channels.

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This can be a growing story, and additional data will likely be added because it turns into out there.