Coinbase has partnered with Lightspark to integrate the Lightning Network, offering users faster and more cost-effective Bitcoin transactions.
Coinbase has officially integrated Bitcoin's Lightning Network, offering its users the ability to conduct faster and cheaper BTC transactions. This move fulfills a commitment made by CEO Brian Armstrong in April of the previous year.
Starting today, support for the Lightning Network via @lightspark will begin rolling out.
— Coinbase 🛡️ (@coinbase) April 30, 2024
Enjoy instant, low-cost BTC transfers.
Learn more: https://t.co/6YPiWgIyyf pic.twitter.com/ufOhO7Qe7i
In a recent blog post, Coinbase announced, "Starting today, support for the Lightning Network via Lightspark will begin rolling out. Enjoy instant, low-cost BTC transfers."
"Bitcoin is one of the most important assets in crypto, and since our inception, we've continued to support the Bitcoin ecosystem through our exchange and numerous investments through Coinbase Ventures. Adding support for Lightning furthers the growth of the crypto ecosystem," the company stated.
David Marcus, CEO and co-founder of Lightspark, a Lightning infrastructure provider, expressed his excitement on social media platform X: "Welcome to moving Bitcoin at the speed of light, Coinbase! We're so thrilled to be part of this journey with you to bring Lightning to 100s of millions of people in over 100 countries. Big milestone for the entire network and for Bitcoin. Let's go."
And... It's live ⚡🚀! Welcome to moving #Bitcoin at the speed of light, @Coinbase! We're so thrilled to be part of this journey with you to bring Lightning to 100s of millions of people in over 100 countries. Big milestone for the entire network and for Bitcoin. Let's go! https://t.co/TpxTIye8G9
— David Marcus (@davidmarcus) April 30, 2024
The Lightning Network is a Layer 2 scaling solution that enables near-instant Bitcoin payments with significantly lower fees by conducting transactions off the main blockchain. Users in the United States, with the exclusion of New York, can now withdraw or send Bitcoin via Lightning, experiencing transactions that process in seconds and at a fraction of the cost of traditional on-chain BTC payments.
However, it is important to note that Coinbase's Lightning Network integration is not available in all regions. The company has clarified that the cost comparison between the Lightning Network and the traditional Bitcoin network does not apply to all transfers. This suggests there may be limitations or exceptions to the advantages offered by the integration.
Coinbase's adoption of the Lightning Network is seen by many as a major win for the Bitcoin scaling solution. As the largest Bitcoin exchange globally by users, trading volume, and custody of assets, its integration is poised to significantly expand the network to millions of new users.
