Binance Successfully Integrates Bitcoin Lightning Network for Faster and Cheaper Transactions
Crypto exchange giant Binance has completed the integration of the Bitcoin Lightning Network, enabling its users to deposit and withdraw the world's number one crypto through this popular Layer 2 (L2).
Bitcoin Lightning Network is a second-layer solution that addresses scalability issues. It uses payment channels in order to settle transactions without having to wait for block confirmations.
Not only does the protocol allow for faster bitcoin transactions, but they're also cheaper. Additionally, it significantly increases the network's throughput and adds another layer of user security and anonymity.
Binance first spoke of integrating the L2 back in May, after it had experienced issues due to the volume of pending transactions.
It followed that up with setting up Lightning nodes in June. "Some eagle-eyed users spotted our new lightning nodes recently. Yes - that's us," said the exchange at the time, adding that "there's still more tech work to be done."
And today, Binance announced that it completed the integration, meaning that deposits and withdrawals for BTC "are now open on the Lightning Network."
Users are directed to find their assigned bitcoin deposit address on the Lightning Network within the Deposit Crypto page.
The exchange also explains how to deposit and withdraw BTC via the network on the FAQ page.
Binance said today that it had shortly experienced "a tech issue with the withdrawal system," that lasted for about 10 minutes. "Should be all fixed now. No need to FUD [fear, uncertainty, and doubt]," added CEO Changpeng Zhao (CZ).
CZ also commented on the recent layoff news. The exchange reportedly fired about 1,000 workers in recent weeks, with more layoffs said to be coming.
However, CZ stated that the numbers
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