Cryptocurrency alternate Binance has accomplished the combination of the Bitcoin Lightning Community on its BTC withdrawal and deposit platform.
The event was confirmed by Binance in a July 17 weblog put up the place they pointed this out Binance users can now use the Layer 2 scaling solution for BTC withdrawals and deposits.
Now when users choose to withdraw or deposit Bitcoin, they can now select “LIGHTNING” as an option. Other options include BNB Smart Chain (BEP-20), Bitcoin, BNB Beacon Chain (BEP2), BTC (SegWit), and Ethereum ERC-20.
Screenshot showing how users can select "LIGHTNING" as an option when depositing Bitcoin. Source: Cointelegraph
Binance first hinted at Lightning Network integration in May after it had to temporarily pause BTC withdrawals due to a spate of pending transactions caused by “the recent spike in BTC network gas fees.”
The explosion in transaction fees has been largely attributed to the creation of memecoins on Bitcoin in the form of BRC-20 tokens - a new token standard on the network.
Extra particulars right here https://t.co/aIofPdtAGY
– Binance (@binance) July 17, 2023
Binance later confirmed on June 20 that it was engaged on Lightning community integration, shortly after customers found Binance's personal Lightning nodes.
Associated: What's the Bitcoin Lightning Community and the way does it work?
Binance joins Bitfinex, River Monetary, OKX, Kraken, and CoinCorner as different outstanding exchanges which have joined the Lightning Community.
Coinbase CEO Brian Armstrong additionally signaled his intention to combine the Bitcoin Layer 2 community on Coinbase in April. Nevertheless, he gave no timeline for when which may occur.
The Lightning Community goals to make Bitcoin transactions sooner and cheaper by permitting customers to create off-chain transaction channels.
Journal: Bitcoin 2023 in Miami offers with “Shit Cash on Bitcoin”.