Binance Integrates Lightning Network

Adekunle Joshua

Cryptocurrency exchange Binance has integrated the Bitcoin Lightning Network for BTC withdrawals and deposits

Users can now utilize this layer-2 scaling solution for faster and cheaper transactions

When withdrawing or depositing Bitcoin on Binance, users can choose the "LIGHTNING" option alongside BNB Smart Chain, BNB Beacon Chain, BTC (SegWit), and Ethereum ERC-20

Binance's decision to integrate the Lightning Network came after a temporary pause in BTC withdrawals due to high network gas fees caused by the surge in pending transactions, particularly memecoins created as BRC-20 tokens

Binance had previously hinted at the Lightning Network integration in May when the need to address network congestion became evident

The Lightning Network offers a solution to improve transaction speed and reduce fees

Notably, Binance joins other prominent exchanges like Bitfinex, River Financial, OKX, Kraken, and CoinCorner in embracing the Lightning Network

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