Cryptocurrency exchange OKEx will add support for the Lightning Network payment channel network for fast and cheap bitcoin transactions.
Today, the cost of processing one transaction with bitcoin averages $ 11, and reliable confirmation of the transaction takes from 10 to 30 minutes. This is highly impractical as more users are joining the network, said OKEx CEO Jay Hao. He added that thanks to the Lightning Network, a second-tier solution for Bitcoin scaling, the average transaction cost will be less than $ 0.01 and the confirmation time will decrease to 1-3 seconds.
The head of OKEx said that the exchange will set restrictions on the withdrawal of bitcoins through the Lightning Network: from 0.000001 BTC ($ 0.035) to 0.05 BTC ($ 1,770). These restrictions will not apply to deposits. To integrate with the Lightning Network, OKEx will interact with Lightning Labs. This means that the exchange will launch its own node on the Lightning Network. Hao said the integration will be completed by March.
Last week, the Vietnamese exchange VBTC announced support for the Lightning Network. The Bitfinex marketplace also supports this solution so that users can instantly deposit and withdraw bitcoins from the exchange. Zebpay was previously the first cryptocurrency exchange to announce support for Lightning Network payments.
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