Binance confirms Bitcoin Lightning Community integration within the works

Cryptocurrency alternate Binance confirmed it was working to combine the Bitcoin (BTC) Lightning Community (LN) for deposits and withdrawals actions on its platform, in keeping with a June 20 tweet.

Binance will be a part of Bitfinex, Kraken, and OKX as one of many largest buying and selling exchanges to combine Lightning, in keeping with a GitHub repository by LN advocate David Coen.

Crypto neighborhood spot Binance lightning nodes

Throughout the previous week, a number of crypto neighborhood members highlighted Binance’s LN nodes on the community. Amboss, an information analytics for the LN, corroborated these claims, tweeting that Kraken’s largest channel was linked to a Binance node.

On June 16, Bitcoin Journal reported that Kraken and OKX had opened channels with a Binance-related node.

In the meantime, Amboss stated the Binance node was not publishing its connection data, stopping different nodes from connecting freely.

Binance’s tweet confirmed that it was working the “new Lightning nodes,” including that:

“There’s nonetheless extra tech work to be executed. We’ll replace as soon as Lightning is totally built-in.”

StarCrypto contacted Binance for added commentary however didn’t obtain a response as of press time.

In Might, the alternate hinted that it might combine LN withdrawals after it skilled points with the amount of pending transactions on its platform. The alternate paused BTC withdrawals on the time, citing community congestion and excessive gasoline charges.

Lightning Community adoption grows

The LN is a “layer 2” cost protocol constructed on prime of Bitcoin that allows quicker, cheaper transactions between nodes and goals to unravel BTC scalability points, thereby enhancing person expertise and probably driving broader adoption of Bitcoin.

Knowledge from DeFiLlama exhibits that Bitcoin Lightning’s adoption has grown steadily over the previous yr to an all-time excessive of 5,700 BTC as of June 20, with Binance’s ongoing integration anticipated to additional increase the community’s utilization.

Glassnode knowledge additional exhibits that over 3,000 new channels have been added to the community for the reason that starting of the yr.

The submit Binance confirms Bitcoin Lightning Community integration within the works appeared first on StarCrypto.