The oldest Vietnamese bitcoin exchange VBTC has connected to the Lightning Network for BTC transactions amid the growing popularity of the technology among traders.
According to a statement VBTC, the withdrawal of bitcoins through the Lightning Network is open to users. VBTC CEO Dominik Weil said the deposits will be available at a later date.
According to the BitcoinVN News article, the cost of withdrawing money through the Lightning Network is estimated at 1,000 satoshi plus 0.2% of the withdrawal amount. For regular withdrawals of BTC, a commission of 100,000 Satoshi is charged. Weil said the solution was partly implemented due to high fees in the BTC bull market, as well as pressure from the local cryptocurrency community, for which the Lightning Network technology is quite popular.
“The Vietnamese cryptocurrency community is showing significant interest in using the Lightning Network. There are now about a dozen businesses in Saigon set up to accept Lightning payments through Neutronpay. The first Lightning Network ATM in Asia was installed last fall in Saigon by a member of our community. We were repeatedly called upon to add support for the technology, and we did it. ”
A few days earlier, the exchange added support for SegWit batch transactions, which will allow grouping transactions for withdrawing clients’ money and reducing on-network fees. Lightning Labs CEO Elizabeth Stark said the Lightning Network VBTC integration adds momentum to the already existing network effect.
“We believe that bitcoin has enormous potential for billions of people around the world, and the integration of VBTC Lightning is a big step towards its spread in Asia and beyond,” she said. “The more exchanges join the Lightning Network, the more people will be able to transact instantly around the world with low fees. Network Effects in Action ”.
In December, the Kraken cryptocurrency exchange announced that it would add support for Lightning Network channels for transactions with Bitcoin in the first half of 2021. In September, Bitfinex added support for extended Wumbo channels for the Lightning Network.
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