P2P platform Paxful will add Lightning Network support for faster, more cost-effective Bitcoin transactions.
The Lightning Network solution allows you to move bitcoins in a few seconds at a minimal cost. This network of payment channels is designed to reduce the burden on the Bitcoin blockchain. Paxful co-founder Artur Schaback said that in two weeks the exchange will integrate the Lightning Network and conduct beta testing. Thereafter, the solution will be rolled out gradually.
The integration will speed up deposits, as the exchange does not have to wait long for their confirmation, as it usually happens on the Bitcoin network. Shabak said the maximum deposit amount could be limited to $ 500, but Paxful has yet to determine the exact amount of the limit. As the site’s management explained, Lightning is an experimental network that is still growing and currently has limited capacity.
As a reminder, Bitfinex became the first exchange to integrate the Lightning solution. In September, Bitfinex added enhanced Wumbo payment channels to allow users to deposit and withdraw up to 5 BTC via Lightning. Cryptocurrency exchange Kraken has said it plans to add support for Lightning in the near future as well. The more platforms implement the solution, the faster bitcoins will move between exchanges.
Last year, Paxful said it would use the Reactor and KYT tools created by market research firm Chainalysis to track illegal transactions.
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