Popular crypto exchange OKEx now supports faster and cheaper Bitcoin transactions through the integration of Bitcoin’s Lightning Network, the exchange announced on 19 April.
According to the press release, OKEx users can already use the layer-2 scaling solution for faster and cheaper deposits and withdrawals on the platform. While the integration is yet to go mobile, it is already live on the exchange’s desktop website. The new integration will not only benefit the exchange’s users, but also the entire Bitcoin ecosystem, with OKEx explaining in the press release:
“By integrating layer 2 solutions like the Lightning Network, OKEx is able to offer an improved trading experience to its users — with lower costs and faster transactions — alongside supporting the Bitcoin ecosystem by increasing the number of participating nodes.”
Launched back in 2018, the Lightning Network routes payments through participating nodes, facilitating a peer-to-peer system that drastically reduces transaction fees and times. The protocol is currently being supported by a number of crypto exchanges — including Bitfinex, Bitstamp, OKCoin, and now OKEx — enabling them to offer more a competitive user experience to their customers.
Last month, OKEx announced that the team behind its open-source OKExChain had partnered with validator provider Cosmostation to expand the DeFi ecosystem within the blockchain. The partnership will enable OKExChain users to easily and safely stake their tokens to earn rewards on Cosmostation’s infrastructure, which already has $3 billion in assets staked through it.