Bitfinex introduces Lightning Network support in partnership with Synonym
Renowned crypto exchange Bitfinex has announced a partnership with Synonym to introduce a new feature that allows customers to use the Lightning Network (LN) for instant deposits, withdrawals and payments.
The Lightning Channel feature is offered through the Blocktank platform operated by Synonym, a subsidiary of Tether Holdings Limited.
Thanks to this, Bitfinex clients using Lightning nodes will be able to connect to the Blocktank node directly on the crypto exchange.
Previously, customers had to go through a complex process that involved withdrawing their Bitfinex balance to their node, navigating complex metrics, selecting a node, and manually opening a channel. An alternative option is to find external Lightning service providers or listings on liquidity marketplaces and purchase channels from them using your own wallet.
The crypto exchange's new initiative has addressed these issues and given users access to significant bandwidth.
