Cryptocurrency exchange Binance has completed the integration of the Bitcoin Lightning Network for Bitcoin withdrawals and deposits on its platform.
development is comfirmed Binance noted in a July 17 blog post, Binance users can now use the Layer 2 scaling solution for BTC withdrawals and deposits.
When users now choose to withdraw or deposit Bitcoin, they can now select “Lightning” as an option. Other options include BNB Smart Chain (BEP20), Bitcoin, BNB Beacon Chain (BEP2), BTC (SegWit), and Ethereum ERC20.
Binance first hinted at integrating the Lightning Network in May after it had to temporarily suspend BTC withdrawals due to a large number of pending transactions due to a “recent surge in BTC network gas fees.”
The explosion in transaction fees is largely attributable to the creation of memecoins on top of Bitcoin in the form of BRC-20 tokens, a new token standard on the network.
For more details click here https://t.co/aIofPdtAGY
— Binance (@binance) July 17, 2023
Binance later confirmed that it was joining the Lightning Network on June 20, shortly after users discovered its own Lightning nodes.
related: What is the Bitcoin Lightning Network and how does it work?
Binance joins Bitfinex, River Financial, OKX, Kraken, and CoinCorner as other well-known exchanges that accept the Lightning Network.
Coinbase CEO Brian Armstrong also said in April that he intends to integrate the Bitcoin Layer 2 network on Coinbase. However, he did not give a specific time.
The Lightning Network aims to make Bitcoin transactions faster and cheaper by allowing users to create off-chain transaction channels.
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