Coinbase partners with Lightspark! Official integration of Bitcoin Lightning Network

This site (120bTC.coM): Coinbase, the largest cryptocurrency exchange in the United States, announced that the platform has officially integrated the Bitcoin Lightning Network (Lightning Network) and will allow customers to use the Lightning Network to send messages from now on. , receive Bitcoin and enjoy a faster and lower-cost transaction experience.

The exchange stated in the announcement: “Millions of users of the platform are now able to send, receive or pay for Bitcoin directly from their Coinbase accounts faster and more cheaply than ever before. 』

Prior to this, Bitcoin transfers on the Coinbase platform were all executed on-chain. Each transaction had to wait at least 10 minutes to 2 hours to arrive, and high fees were even incurred during network congestion. , while the Lightning Network is a Layer 2 protocol built on Bitcoin, aiming to solve the scalability problem through a two-way payment pipeline to achieve near-instant, low-fee off-chain transactions.

Viktor Bunin, Coinbase’s protocol expert and head of Lightning Network integration, said that the platform will charge a 0.1% handling fee to the sender of Lightning Network transactions. Users will be able to withdraw US$2,000 in the initial launch of the new feature. The limit means that the maximum transaction fee is 2 US dollars. Although it is not comparable to the average transaction fee of Ethereum Layer 2, it is still much lower than the transaction cost on the Bitcoin chain.

Coinbase revealed that the integration was completed in partnership with Lightning Network payment solution provider Lightspark, which was led and co-founded by David Marcus, who served as PayPal president and head of the Meta cryptocurrency project.

So far, several of Coinbase’s competitors have added Lightning Network to their services, with Binance, Kraken and Bitfinex integrating Lightning Network last year, 2022 and 2019 respectively.

The above is the detailed content of Coinbase partners with Lightspark! Official integration of Bitcoin Lightning Network. For more information, please follow other related articles on the PHP Chinese website!