A statement issued by the chief executive of Coinbase, Brian Armstrong, revealed that the crypto exchange plans to integrate the Bitcoin Lightning network on its platform. The CEO explained that the layer 2 payment protocol on the Bitcoin network has massive potential to transform the crypto payment sector.
In a Twitter report dated July 28, Armstrong expressed optimism the crypto sector has huge capability to improve the global payment sector.
Coinbase Eyes for Bitcoin Lightning Network Intergration
Even though it might require much work, the Coinbase team plans to integrate layer 2 protocols on the on-ramping platforms. Responding to the tweet, the chief executive of Square, Jack Dorsey, highlighted that the Bitcoin lightning network had enabled users to make fast and cheap transactions through the off-chain transaction networks. Dorsey requested the Coinbase CEO to clarify the significance of integrating the Bitcoin Lighting protocol on the crypto exchange.
In his report, Dorsey demanded for a clear explanation on whether there was a better money transmission network other than Bitcoin. Addressing Dorsey’s inquiries, the Coinbase CEO confessed that the crypto exchange still had plans to support the growth of Bitcoin. Armstrong affirmed the second largest crypto exchange brought millions of people, to the Bitcoin network, compared to other trading platforms.
Despite the efforts made by Coinbase to improve the Bitcoin ecosystem, Armstrong announced the need to strengthen the exchange using Bitcoin Lightning protocol. The CEO restated that the Bitcoin Lightning network will support crypto related payments.
High Adoption of Bitcoin Lightning Network
In his report, Dorsey praised Coinbase for supporting the mainstream adoption of Bitcoin. In his tweet, Dorsey announced plans to work with Coinbase to integrate the proposed Bitcoin Lightning.
He stated the need for an exclusive open protocol for digital money transmission. The two internet entrepreneurs agreed to collaborate to improve the crypto payment system.
Despite the bullish trend in Bitcoin prices, the Bitcoin Lightning technology has gained momentum in 2023. The interesting growth of the layer-2 payment solution has inspired firms to integrate the Bitcoin Lightning protocol to increase transaction speed.
A few weeks ago, the world’s largest crypto exchange Binance announced the completion of the integration of the Bitcoin Lightning protocol. Earlier in May, the Binance team had announced that the development aim at addressing the challenges facing the crypto exchange such as transaction congestion and high gas fees.
According to Binance, the network experienced large volumes of pending transactions that prompted the exchange to invest in the fixing the technical issues.
Besides Binance, its top rivals, including Bitfinex, OKX, Kraken, CoinCorner, and River Financial, have launched the Bitcoin Lightning network on their platforms. The attempt to increase the transaction capacity has inspired Bitcoin Lightning developers such as Voltage and Google Cloud to agree to work together. As the Bitcoin Lightning network continues to gain traction, customers are shifting to these platforms.
According to Glassnode, the total value of assets (TVL) locked on the Bitcoin platform increased to 5000 BTC in July.