The Bitcoin Lightning Network integration will allow Binance users to select the “LIGHTNING” options for the deposit and withdrawals of Bitcoins.
In the latest announcement earlier today, July 17, crypto exchange Binance revealed that it has completed the integration of the Bitcoin Lightning Network. As a result, Binance users can conduct deposits and withdrawals atop the Bitcoin Lightning Network.
The official statement reads:
“Binance has completed the integration of Bitcoin (BTC) on the Lightning Network. Deposits and withdrawals for Bitcoin (BTC) are now open on the Lightning Network”.
Thus, Binance users now have the option to choose “LIGHTNING” when withdrawing or depositing Bitcoin. They can also select other options such as BNB Smart Chain (BEP-20), Bitcoin, BNB Beacon Chain (BEP2), BTC (SegWit), and Ethereum ERC-20.
More details here 👇https://t.co/aIofPdtAGY
— Binance (@binance) July 17, 2023
The Bitcoin Lightning Network is a Layer-2 scalability platform for the Bitcoin blockchain that helps in reducing network congestion and facilitating low-cost payments.
Binance has been working on integrating Bitcoin Lightning technology for the past two months. In early May 2023, Binance temporarily halted withdrawals due to a significant increase in Bitcoin transaction fees caused by heightened Bitcoin Ordinals activity.
In June, Binance CEO Changpeng Zhao confirmed their efforts to integrate the Bitcoin Lightning Network. This integration aims to make Bitcoin transactions faster and more scalable, providing users with smoother experiences by reducing transaction costs and speeding up transaction times.
The integration of the Lightning Network also enhances the overall efficiency and convenience of using Bitcoin. It improves Bitcoin’s scalability by utilizing off-chain capabilities, addressing issues like network congestion and transaction delays.
Binance has joined other well-known exchanges like Bitfinex, River Financial, OKX, Kraken, and CoinCorner in adopting the Lightning Network. This network has gained popularity among exchanges for its benefits in Bitcoin transactions.
In April, Coinbase CEO Brian Armstrong expressed interest in integrating the Bitcoin layer 2 network on Coinbase, but no specific timeline has been provided for its implementation yet.
Lightning Labs Unveils New Tools for AI Developers
Lightning Labs, a company involved in developing the Lightning Network for Bitcoin, has introduced new tools that enable the integration of artificial intelligence (AI) applications like Open AI’s ChatGPT with the Bitcoin network.
According to Lightning Labs, a major challenge with current Large Language Models is the absence of a built-in method for making payments over the Internet.
In their announcement on July 6, the company stated that these new tools will enhance the speed, affordability, and accessibility of Bitcoin-based payments for AI developers. This will enable them to move away from traditional, costly, and limited payment methods and utilize the Lightning Network’s solution instead.