Coinbase Looks to Add Bitcoin Lightning for Payments

By coindesk.com August 02, 2023 In Bitcoin, Payments

Coinbase (COIN) is looking to add Bitcoin’s Lightning network for payments as part of a broader plan to offer more cryptocurrency payments to users around the world.

“We’re looking into how to best add Lightning. It’s non-trivial, but I think worth doing. I’m all for payments taking off in Bitcoin,” CEO Brian Armstrong said on Wednesday. “Let’s build it together,” he added in response to a tweet by Jack Dorsey, founder of financial services company Block Inc.

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The Lightning Network is a second layer for bitcoin (BTC) that uses micropayment channels between software providers called nodes to speed up payments on the Bitcoin blockchain for a low cost.

These channels allow two parties to lock up on-chain funds. It decreases network congestion by conducting several transactions separately and by then bundling every transaction into one when submitting to the main blockchain.

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As of Wednesday, the Lightning network’s total capacity – or the total amount of bitcoin locked for payments across all channels – is 4,686.64 bitcoin, worth just over $138 million at current prices.

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