Coinbase CEO Brian Armstrong announced that the largest US cryptocurrency exchange has added support for Lightning Network, a Layer 2 scaling solution aimed at addressing scalability issues with Bitcoin (BTC).
Coinbase’s Endeavor on Bitcoin!
Armstrong claimed that Coinbase, considering the significance of Bitcoin in the cryptocurrency space, is working to integrate Lightning. In his statement, he stated:
We have decided to integrate Lightning. Bitcoin is the most important asset in the cryptocurrency world, and we are excited to do our part to enable faster/cheaper Bitcoin transactions. The integration will take some time, so please be patient.
Coinbase previously released a statement suggesting that Lightning could revolutionize payment systems and disrupt the $150 billion sector currently dominated by Visa and Mastercard. The company stated:
Lightning has the potential to replace existing payment processors for price transactions without consumers knowing that BTC is being used as the underlying payment layer. Visa and Mastercard are the leading payment processing networks worldwide. They collected $24 billion in transaction fees at a rate of 2-3% every time someone used a bank or credit card in 2021. Payment processors leveraging the Lightning Network can undercut this figure.
Continued Efforts on Bitcoin!
Brian Armstrong had already announced Coinbase’s interest in integrating Lightning last month. In response, Square CEO Jack Dorsey expressed his willingness to work with the exchange to create a Bitcoin payment system. The expert emphasized:
It would be great if you could redirect more of your resources towards Bitcoin and Layer 2 technologies, and we would be happy to partner with you.
Meanwhile, Lightning Network is a Layer 2 scaling solution that accelerates Bitcoin transactions and reduces costs, enabling micro-payments and faster transactions.
