Binance has successfully integrated the Bitcoin Lightning Network onto its exchange platform for BTC withdrawals and deposits.
Users of Binance Now Have the Ability to Deposit Bitcoin Using "LIGHTNING" as a Deposit Method
Binance has successfully integrated the Bitcoin Lightning Network onto its exchange platform for BTC withdrawals and deposits.
On July 17, Binance announced that its users can now use the layer-2 scaling solution for BTC withdrawals and deposits, confirming the integration.
Users of Binance now have the ability to deposit Bitcoin using "LIGHTNING" as a deposit method. BNB Smart Chain (BEP-20), Bitcoin, BNB Beacon Chain (BEP2), BTC (SegWit), and Ethereum ERC-20 are more alternatives.
After having to temporarily halt BTC withdrawals due to a backlog of outstanding transactions brought on by the recent increase in BTC network gas prices, Binance first made a suggestion about the incorporation of the Lightning Network in May.
By enabling users to set up off-chain transaction channels, the Lightning Network seeks to make Bitcoin transactions quicker and more affordable. Other well-known exchanges like Bitfinex, OKX and Kraken have also adopted the Lightning Network. Brian Armstrong, the CEO of Coinbase, also made a hint in April that he intended to incorporate the Bitcoin layer 2 network on Coinbase, although he did not provide a fixed date.
