Coinbase eyes Bitcoin Lightning Network integration, says CEO Brian Armstrong

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Brian Armstrong, Coinbase’s CEO, mentioned the change was working to combine Bitcoin (BTC) Lightning Community (LN) as a part of efforts to drive cryptocurrency funds on the earth, based on an Aug. 2 tweet.

Armstrong made this assertion in response to a tweet from Jack, Twitter’s co-founder, who questioned why Coinbase was ignoring the implementation of LN in its try to additional crypto cost choices.

In response, Armstrong mentioned:

“We’re wanting into how you can greatest add Lightning. It’s non-trivial, however I believe value doing. I’m all for funds taking off in Bitcoin.”

The LN is a “layer 2” cost protocol constructed on Bitcoin. The scaling resolution permits quicker, cheaper transactions between nodes and goals to unravel BTC scalability points, thereby bettering person expertise and doubtlessly driving broader adoption of the flagship digital asset. It is usually the preferred BTC L2 resolution.

Armstrong didn’t present extra data on when the Coinbase integration may occur.

In April, the Coinbase CEO hinted that the change would combine LN into its platform after being challenged by a number of neighborhood members over the change’s lack of entry to the scaling resolution.

In the meantime, Binance joined different prime exchanges, together with Bitfinex, Kraken, and OKX, that built-in the L2 resolution in July.

BTC Lightning adoption grows

LN adoption has grown for the reason that starting of the 12 months, evidenced by the current partnership between Bitcoin Lightning infrastructure supplier, Voltage and Google Cloud to extend its internet hosting capability and areas globally.

Knowledge from Glassnode additional reveals that the overall worth of property locked on the community peaked at over 5,000 BTC in early July. This represents important development for the net, contemplating it had round 4,000 BTC in the beginning of this 12 months.