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.