Coinbase integrates Bitcoin’s Lightning Network
Coinbase, the largest Bitcoin exchange by users, trading volume and asset custody, has integrated Bitcoin's Lightning Network to increase transaction speed and reduce costs for its U.S. customers, excluding New York.
The Lightning Network, a scaling solution for Bitcoin, operates off-chain and enables near-instant payments at significantly lower fees. This move marks a significant milestone for Lightning, with the goal of positioning Bitcoin as a global payment system through second-layer scaling.
Coinbase’s long-term efforts and partnership with Lightspark
The integration is the result of Coinbase's long-term efforts to provide a low-cost and efficient payments network and reflects a major step toward affordable and instant Bitcoin payments. Coinbase partnered with Lightning Infrastructure Provider Lightspark, co-founded by former PayPal executive David Marcus, to provide users with options for faster withdrawals and transactions via the Lightning Network.
Enthusiastic reactions and outlook on Bitcoin adoption
David Marcus expressed his excitement about the partnership, recognizing it as a critical development for both the network and the wider adoption of Bitcoin. The Bitcoin community has been anticipating this integration and sees Coinbase's acquisition as a testament to the maturity of the network and a significant step towards mass adoption. This adoption will not only benefit millions of existing users, but also open up opportunities for expanding the usability of Bitcoin as a payment system worldwide.
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