Cryptocurrency exchange Coinbase has officially launched its Bitcoin Lightning Network integration. Indeed, the exchange announced that the integration, made possible thanks to its partnership with Lightspark, officially begins its deployment today.
Assimilating the Bitcoin Lightning Network into the exchange will facilitate low-cost, instant 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
Over the first four months of the year, Bitcoin and the digital asset market saw some pretty impressive gains in popularity. Although a price correction took place, BTC reached a high of $73,000 in March. This figure was an absolute record for the cryptocurrency market leader.
Now, the asset is about to receive significant updates on one of the largest exchanges in the industry. Specifically, Coinbase announced that it will officially integrate the Bitcoin Lightning Network starting Tuesday. Additionally, the integration was possible thanks to the exchange partnership with Lightspark.
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The company says the integration “reinforces our mission to create a one-second, one-cent global payments system that provides affordable access to everyday financial tools.” Additionally, Lightning Network integration reduces the cost of global BTC transactions by 20x.
Traditional Bitcoin transfers on Coinbase would take between 10 minutes and 2 hours, the exchange says. However, this time and the resulting costs have been significantly reduced thanks to the integration. Since the network’s launch in 2017, demand from cryptocurrency market participants has continued to increase.
Innovation in blockchain transaction is expected to be vital to the continued growth of the asset. Additionally, this encourages the asset for traders who have had difficulty coping with increasing trading costs. Overall, the integration is a major step in helping Coinbase users and BTC traders.
