Coinbase Joins Binance and Kraken in Embracing Bitcoin's Lightning Network
Coinbase, a prominent cryptocurrency exchange, has made a substantial move towards adopting the Bitcoin Lightning Network. This action signifies a change from its previous stance on Bitcoin's scalability and aligns with other major exchanges like Binance and Kraken.
Coinbase CEO Brian Armstrong first indicated this support approximately a year ago. Now, the company has partnered with Lightspark, a Lightning service provider, to facilitate Lightning payments for its users. David Marcus, the current CEO of Lightspark and former head of Facebook's crypto division, is spearheading this collaboration.
Coinbase's integration will enable it to retain control over its private keys and funds, ensuring a secure transition. The final integration is expected to be completed shortly. Meanwhile, Lightspark aims to simplify access to the Lightning Network for businesses by providing essential infrastructure and liquidity.
Coinbase's backing of the Bitcoin Lightning Network is a significant boost for its adoption. It follows similar moves by Binance and Kraken, indicating a growing acceptance of the Lightning Network among major exchanges. This integration promises faster and cheaper transactions, potentially enhancing global financial systems' efficiency.
