Binance Working on Bitcoin Lightning Network Integration
- The crypto exchange confirmed on Tuesday that it has started the process of integrating the technology, and that it is already running Lightning Network nodes.
- Crypto exchanges Kraken, OKX, and Bitfinex have already integrated the technology into their platforms, while Coinbase said it will do so in the future.
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Popular cryptocurrency exchange Binance has started running nodes on the Bitcoin Lightning Network, and is currently working on its integration, the company said via Twitter on 20 June.
The crypto trading platform decided to confirm on Tuesday that it is already working on integrating the Bitcoin Lightning Network for deposits and withdrawals after some “eagle-eyed users” spotted the exchange’s new Lightning Network nodes. Binance, however, noted there is more technical work that needs to be done before it starts supporting Lightning payments, and that there is currently no timeline for when the integration will be completed. The company said:
The Lightning Network was developed as a layer-2 network for the Bitcoin network with the goal of providing faster and cheaper transactions that the primary Bitcoin blockchain. Data from Glassnode shows that the median fee for transactions on the Lightning Network is around $0.00013, and that the layer-2 network currently has around $145 million worth of BTC meant for quick payments.
Binance first said it was planning to integrate the Lightning Network back in May, after it had to temporarily pause BTC withdrawals twice in the same day due to network congestion. Binance is not the only crypto exchange to have set its eyes on the layer-2 network, with Kraken, OKX, and Bitfinex having already integrated the technology into their platforms. Coinbase CEO Brian Armstrong also noted that his exchange would integrate the Lightning Network in the future.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
- A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
- Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.