untitled design

Coinbase has integrated support for Lightning Network

Cryptocurrency exchange Coinbase partners with Lightspark added support for the Lightning Network nine months after CEO Brian Armstrong announced plans to integrate the network.

“With the integration of the Lightning Network, the cost of sending Bitcoin around the world is 20 times less than the 2% charged on average for credit card transactions,” the company said.

Coinbase added that previously, bitcoin transfers on the exchange were processed within the network, which could take from ten minutes to 2 hours, and also involved high fees. Using the Lightning Network, users will be able to instantly send and receive bitcoins, the report notes.

“Bitcoin adoption increases economic freedom. I am very pleased that the integration of the Lightning Network makes the asset more useful and accessible around the world,” a representative of the exchange said in an interview with The Block.

He added that the fee for sending funds to the Lightning Network will be 0.1%. According to him, at the beginning, Coinbase users will be able to withdraw a maximum of $2,000, that is, the maximum withdrawal fee will be $2.

Source: Cryptocurrency

You may also like

Get the latest

Stay Informed: Get the Latest Updates and Insights


Most popular