Binance has announced the successful integration of the Bitcoin Lightning Network into its platform. Its users now have access to the layer-2 scaling solution for seamless BTC withdrawals and deposits.
#Binance has completed the integration of Bitcoin ( #BTC ) on the Lightning Network and deposits and withdrawals are now open.
More details here 👇https://t.co/aIofPdtAGY
— Binance (@binance) July 17, 2023
In a blog post on July 17, 2023, Binance informed its users that the platform now offers users the “LIGHTNING” option when they want to withdraw or deposit Bitcoin. In addition to LIGHTNING, users can choose from other available options such as BNB Smart Chain (BEP-20), Bitcoin, BNB Beacon Chain (BEP2), BTC (SegWit), and Ethereum ERC-20 for their transactions.
The Lightning Network (LN) is a decentralized solution that enables affordable and nearly instantaneous payments using Bitcoin as its foundation. Unlike the Bitcoin mempool, which can become congested during busy periods, the Lightning Network remains unaffected by its capacity limitations.
By integrating the Lightning Network, Binance joins the league of its competitors who have already adopted this technology. Platforms like Bitfinex, River Financial, OKX, Kraken, and CoinCorner have successfully integrated the Lightning Network into their systems, further enhancing the scalability and usability of their platforms.
Binance initially expressed its intention to integrate the Lightning Network in May 2023, after it had to halt BTC withdrawals temporarily. This pause was necessary due to a substantial influx of pending transactions resulting from the significant increase in BTC network gas fees.
Binance officially confirmed the integration on June 20, 2023, via a tweet that responded to observant users who had noticed the implementation of lightning nodes on the platform. The tweet acknowledged the development and affirmed Binance’s commitment to ongoing technological advancements.
In another development, Binance has announced plans to introduce a significant upgrade to its wallet infrastructure. As part of this update, Binance users will be required to create new wallet addresses in the coming months. The primary objective behind this update is to improve operational efficiency and reinforce fund security on the exchange, ensuring a safer and more robust ecosystem for Binance users.
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