Coinbase partners with Lightspark to bring the Bitcoin Lightning Network onto its platform, promising faster, more affordable Bitcoin transactions for users.
Coinbase, the largest US cryptocurrency exchange, has chosen Lightspark to integrate the Bitcoin Lightning Network onto its platform, a move that promises to bring instant and more affordable bitcoin transactions to its customers. Lightspark, led by CEO David Marcus, a former President of PayPal, has been working on the technical integration with Coinbase.
Thrilled to announce that @Coinbase has selected @Lightspark to enable the #Bitcoin Lightning Network across its platform and services. Yet another significant milestone for Lightning! ⚡to many millions of new people and 100+ countries coming soon! https://t.co/Dj5JDqdmOl
— David Marcus (@davidmarcus) April 3, 2024
Shan Aggarwal, VP of Corporate & Business Development at Coinbase, said, "We're excited to partner with Lightspark to eliminate payment barriers and enable faster and cheaper Bitcoin transactions through support for the Bitcoin Lightning Network."
After nearly two years of development, Lightspark has positioned itself as a top enterprise-grade entry point to the Lightning Network, offering a suite of sophisticated tools and services. This includes Software Development Kits (SDKs), Application Programming Interfaces (APIs), and developer tools that simplify the Lightning Network's integration and management. Lightspark's AI-based smart engine, called Lightspark Predict, enhances liquidity requirements and routing for optimal transaction success rates.
A key component of the integration is Lightspark's remote-key signing implementation, enabling Coinbase to maintain control over the Lightning signing keys while Lightspark hosts the nodes. This approach is designed to provide a scalable and reliable node infrastructure, coupled with an intuitive interface, allowing Coinbase to deliver superior end-user experiences without the complications of managing a large-scale Lightning implementation.
Coinbase's adoption of the Lightning Network is timely, coming as Bitcoin prices and transaction fees rise. The integration serves as a significant milestone for the Lightning Network and is expected to significantly enhance the overall network usage. It also sets the stage for expanding payment use cases by facilitating liquidity conversions between Bitcoin and fiat.
