Coinbase’s CEO, Brian Armstrong, has hinted that the American crypto exchange is actively working towards integrating the Bitcoin Layer 2 solution, the Lightning Network, into its platform.
Armstrong revealed this during a series of Twitter exchanges between him and Jack Dorsey, the CEO of Block and former CEO of Twitter. Dorsey questioned Coinbase’s approach towards Bitcoin and Lightning Network, to which Armstrong responded by emphasizing that the company is not ignoring this technology.
Why do you continue to ignore bitcoin and lightning?
what “crypto” is a better money transmission protocol and why?
— jack (@jack) July 26, 2023
Armstrong proudly declared that Coinbase had played a significant role in onboarding more people to Bitcoin than any other company worldwide. He further acknowledged the importance of the Lightning Network and expressed his belief that incorporating it into Coinbase’s platform is a challenging but worthwhile endeavour.
Armstrong stated:
“We’re looking into how to best add Lightning. It’s non-trivial, but I think worth doing. I’m all for payments taking off in Bitcoin.”
We’re looking into how to best add Lightning. It’s non-trivial, but I think worth doing. I’m all for payments taking off in Bitcoin.
Not sure why you think we’re ignoring Bitcoin – we’ve onboarded more people to Bitcoin than probably any company in the world.
Let’s build it… https://t.co/9dFGYd6XZt
— Brian Armstrong 🛡️ (@brian_armstrong) August 2, 2023
The Lightning Network facilitates faster and cost-effective transactions on the Bitcoin blockchain by utilizing micropayment channels between nodes. This technology efficiently decreases network congestion by processing multiple transactions separately before bundling them into a single transaction on the main blockchain.
Several other leading cryptocurrency exchanges, such as Bitfinex, River Financial, OKX, Kraken, and CoinCorner, have already successfully integrated the Lightning Network into their systems, which has significantly improved the scalability and usability of their platforms.
Binance, another major player in the crypto exchange space, has also announced the successful integration of the Bitcoin Lightning Network. The integration has provided Binance users with seamless BTC withdrawals and deposits, enhancing the overall efficiency of their transactions.
Meanwhile, Coinbase has been expanding its services beyond just exchange functionalities. Recently, the platform introduced a built-in messaging feature to its wallet service, and it enables users to connect directly with friends and communities while sending payments across thousands of supported coins, including gas-free USDC.
This feature is built on the XMTP protocol. Coinbase claimed that its users can move their chat history to any XMTP-compatible service whenever they wish because their data is not tied to a single company but to their wallet address.
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