Binance announced plans to integrate Bit Lightning Network less than a month ago.
Binance, a cryptocurrency exchange, completed integrating the Bitcoin Lightning Network for deposits and withdrawals on its platform.
In a blog post on July 17, Binance announced that users of the exchange will be able to use the layer-2 scaling solution for BTC withdrawals and deposits.
Users can now choose “LIGHTNING” as an option when withdrawing or depositing Bitcoin. BNB Smart Chain (BEP-20), Bitcoin, BNB Beacon Chain (BEP2), BTC (SegWit), and Ethereum ERC-20 are further options.
Binance first hinted at the integration of the Lightning Network in May, after momentarily suspending BTC withdrawals due to a flood of pending transactions caused by “the recent surge in BTC network gas fees.”
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The rise in transaction costs has been mostly attributed to the emergence of meme coins on Bitcoin in the form of BRC-20 tokens — a new token standard on the network.
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#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
Binance later acknowledged it was preparing to join the Lightning Network on June 20, shortly after users discovered its own Lightning nodes.
Along with other well-known exchanges such as Bitfinex, River Financial, OKX, Kraken, and CoinCorner, Binance has adopted the Lightning Network.
Coinbase CEO Brian Armstrong also stated his intention to implement the Bitcoin layer 2 network on Coinbase in April. He did not, however, provide an estimate for when that would occur.
By enabling users to construct off-chain transaction channels, the Lightning Network seeks to accelerate and decrease the cost of Bitcoin transactions.
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