Binance has officially added the Lightning Network to its exchange channels, allowing its users to transfer Bitcoin (BTC) more cheaply and much faster. The cryptocurrency exchange had previously announced its intention to implement the Lightning Network following the network congestion caused by BRC-20.
The Lightning Network is coming to Binance
The Lightning Network is now available as a withdrawal and deposit channel for Bitcoin (BTC) on Binance. The world’s largest cryptocurrency exchange had announced its intention to implement the Lightning Network following the network congestion caused by the BRC-20, which led it to temporarily suspend withdrawals.
Binance has completed the integration of Bitcoin ( BTC ) on the Lightning Network and deposits and withdrawals are now open.
More details here https://t.co/aIofPdtAGY
– Binance (@binance) July 17, 2023
As an overlay to the Bitcoin network, the Lightning Network is mainly used for its speed and economic efficiency. Indeed, thanks to the use of payment channels, the Lightning Network has extremely low transaction costs, paving the way for the democratisation of micro-payments made in BTC.
The second major advantage is that the Lightning Network offers unrivalled transaction speed on the Bitcoin network, hence its name, which literally translates as ‘lightning network’.
From now on, Binance users can choose the Lightning Network when they wish to withdraw or deposit BTC on the exchange, as in the example below:
Kraken, Bitfinex and OKX exchanges also offer transfers via the Lightning Network. Back in April, cryptocurrency exchange Coinbase also announced its intention to join the Lightning Network, but no timetable has been given for this.
