Cryptocurrency exchange Coinbase has officially launched its Bitcoin Lightning Network integration. Indeed, the exchange announced that the integration, made possible through its partnership with Lightspark, officially begins its rollout today.
The assimilation of the Bitcoin Lightning Network into the exchange will facilitate instant low-cost Bitcoin transfers for users. Specifically, every Coinbase user will now have the option to select the much faster and more affordable option. However, they can also opt for the traditional Bitcoin network to process their transactions.
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Coinbase Launches Bitcoin Lightning Integration
Throughout the first four months of the year, Bitcoin and the digital asset market have seen rather impressive surges in popularity. Although a price correction has taken place, BTC reached heights of $73,000 in March. That figure was an all-time high for the cryptocurrency market leader.
Now, the asset is set to get some important updates on one of the industry’s largest exchanges. Specifically, Coinbase has announced that it will officially integrate the Bitcoin Lightning Network starting Tuesday. Moreover, the integration was possible through the exchange partnership with Lightspark.
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The company says that the integration “furthers our mission to build a one-second one-cent global payment system that provides affordable access to everyday financial tools.” Additionally, Lightning Network integration lessens the cost of global BTC transactions by 20 times.
Traditional Bitcoin transfers on Coinbase would take anywhere between 10 minutes to 2 hours, the exchange states. However, that time, and the subsequent cost, have been greatly reduced through integration. Since the network’s launch in 2017, it has continued to increase the demand from cryptocurrency market participants.
The innovation in the blockchain transaction should be vital to the asset’s continued growth. Moreover, it incentivizes the asset to traders who had difficulty navigating the increased costs of trades. Altogether, the integration is a massive step to help Coinbase users and BTC traders