Binance Successfully Integrated Bitcoin Layer-2 Lightning Network
Users of Binance Now Have the Ability to Deposit Bitcoin Using “LIGHTNING” as a Deposit Method
On July 17, Binance announced that its users can now use the layer-2 scaling solution for BTC withdrawals and deposits, confirming the integration.
Users of Binance now have the ability to deposit Bitcoin using “LIGHTNING” as a deposit method. BNB Smart Chain (BEP-20), Bitcoin, BNB Beacon Chain (BEP2), BTC (SegWit), and Ethereum ERC-20 are more alternatives.
After having to temporarily halt BTC withdrawals due to a backlog of outstanding transactions brought on by the recent increase in BTC network gas prices, Binance first made a suggestion about the incorporation of the Lightning Network in May.
By enabling users to set up off-chain transaction channels, the Lightning Network seeks to make Bitcoin transactions quicker and more affordable. Other well-known exchanges like Bitfinex, OKX and Kraken have also adopted the Lightning Network. Brian Armstrong, the CEO of Coinbase, also made a hint in April that he intended to incorporate the Bitcoin layer 2 network on Coinbase, although he did not provide a fixed date.