Kraken has now eliminated the withdrawal fee for Bitcoin; Details

Sahana Kiran
Source – Pixabay

Kraken, a prominent crypto exchange has been creating quite a buzz lately. From venturing into UAE to implementing the Lightning Network [LN], Kraken has managed to stay relevant. Towards the end of March 2022, the exchange subtly onboarded Bitcoin’s Lightning network and amassed huge respect from the community. Now, further elevating its interest in the Lightning network, Kraken revealed that it had nullified withdrawal fees for BTC.

Bitcoin product manager at Kraken, Pierre Rochard took to Twitter and pointed out that the exchange had minimized the withdrawal fee for BTC to zero. This, however, is available only through the use of Lightning Network.

An array of them lauded the platform for its latest move and urged other exchanges to walk in Kraken’s footsteps. Some of them even called out exchanges like, Coinbase, and Binance for listing numerous pump and dump coins.

The integration of this layer-2 solution comes with an array of benefits. LN significantly lowers the cost of sending and garnering Bitcoin while improving its scalability. Just like its name, it processes faster transactions.

Is Bitcoin Lightning Network the future?

The adoption of the Bitcoin Lightning Network witnessed a prominent surge over the last year. Several exchanges, as well as platforms, decided to ride this wave. Apart from Kraken, a notable crypto payment processor, BitPay decided to enable LN payments for its users.

The fervor around the Lightning network reached its peak after the popular trading application Robinhood announced its plans of adding BTC LN. The firm, during the Bitcoin 2022 conference implied that it intended to enable faster BTC transactions on its platform.

A researcher from Messari, Sami Kassab even pointed out that the Lightning Network’s Public BTC capacity surged by 198 percent YTD.

As Lightning Network swiftly enters mainstream adoption, Bitcoin continues to struggle to make it past $40k. At press time, the king coin was trading for $39,558 with a dainty price change.