Cryptocurrency exchange Binance has confirmed that it is working on integrating the lightning-fast Bitcoin (BTC) network for deposits and withdrawals on its platform, according to a June 20 Twitter post.
Binance will join Bitfinex, Kraken and OKX as one of the largest trading platforms to integrate Lightning, according to a GitHub repository created by lightning proponent David Cohen.
Members of the crypto community noticed nodes on the Binance lightning network last week. Amboss, a lightning network analytics platform, confirmed the data by tweeting that Kraken's largest channel is connected to the Binance node.
On June 16, Bitcoin Magazine reported that Kraken and OKX had opened channels with a node affiliated with Binance.
At the same time, Amboss noted that the Binance node does not publish information about its connection, which prevents other nodes from connecting freely.
A Binance Twitter post confirmed that there are "new Lightning nodes" running on the platform, adding that:
"There is still technical work to be done. We will update once the lightning network is fully integrated."
Binance was contacted for further comment but had not received a response at the time of publication.
In May, the exchange hinted that it would be introducing a lightning network withdrawal option after experiencing issues with the volume of pending transactions on its platform. At the time, the exchange suspended BTC withdrawals, citing network congestion and high gas fees.
What it is?
Lightning network adoption is growing. Lightning Network (LN) is a "layer 2" protocol built on top of Bitcoin that allows for faster and cheaper peer-to-peer transactions and aims to solve BTC's scalability issues, improving the user experience and potentially promoting widespread adoption of Bitcoin.
Data shows that adoption of the Bitcoin lightning network has been steadily increasing over the past year and reached an all-time high of 5,700 BTC on June 20, and the ongoing integration of Binance is expected to further increase network usage.
It also shows that more than 3,000 new channels have been added to the network since the start of the year.
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