Cryptocurrency exchange OKCoin announced support for the Lightning Network (LN) Layer 2 protocol to “reduce bitcoin transaction fees from about $ 10 to just a few cents.”
We’re proud to announce that OKCoin will integrate the @lightning network allowing for near instant withdrawls and reducing bitcoin network fees from ~$10 to pennies. https://t.co/FHt5EkWOMZ #bitcoin #btc $ btc
— OKCoin (@OKCoin) January 22, 2021
The LN integration will be completed in the first quarter of this year. OKCoin has pledged to significantly increase transaction speed and reduce minimum withdrawal requirements.
“Transactions will be confirmed within a few seconds, not an hour. It will also lower our current minimum threshold for withdrawals and deposits from 0.001 BTC or 100 thousand satoshi (~ $ 35) to 0.000001 BTC or 100 satoshi (~ $ 0.04), ”the company blog says.
At the time of this writing, the LN network has 15,942 nodes connected by 36,559 payment channels. The network capacity is 1,048 BTC.
Previously, support for the Lightning Network was announced by the Kraken exchange.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
