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Lightning Network is coming to Coinbase 



The cryptocurrency exchange will soon integrate the Bitcoin lightning network according to a tweet by the company’s CEO, Brian Armstrong on Saturday. 

Brian made this revelation in a response to a Twitter user called Wicked, who said “It’s weird how @brian_armstrong is actively ignoring the #Bitcoin Lightning Network. He hasn’t tweeted about it. Not even once. To this Brian said, “…Lightning is great and (it’s) something we’ll integrate.”

The Bitcoin Lightning Network is a layer-two protocol that creates a network of off-chain payment channels for fast and cheap Bitcoin transactions. Users can deposit Bitcoin, send and receive payments instantly with nominal fees. The final transaction is settled on the blockchain for security. The benefit of the Lightning Network is that it improves transaction speeds and decreases fees.

Coinbase has been in the news recently for various reasons. One of these is its stand in support of the removal of the ban on Tornado Cash. In Q3, 2022, the US Treasury Department sanctioned the coin mixer. Soon after, users of the service filed a suit against the Treasury Department with Coinbase saying it’ll back the suit. Coinbase was also in the news for its intention to move some of its business abroad due to the hostile regulatory environment in the United States. 

For the Lightning Network, it is uncertain when it’ll go live on the platform, however since Brian has said it’ll be integrated, users will be anticipating its release. 

Read also: Layer2s fuel DeFi surge to $83.3B in Q1 – report

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