Binance has integrated the Bitcoin Lightning Network into its platform for deposits and withdrawals of bitcoin. This action is a response to the expanding demand for transactions that are quicker and more affordable.
Binance has announced the completion of its integration with the Bitcoin Lightning Network in a blog post published on July 17. Users of Binance can use the Lightning Network for their BTC deposits and withdrawals thanks to this layer-2 scaling option. Users now have the ability to select “LIGHTNING” when starting a Bitcoin transaction, in addition to other alternatives like BNB Smart Chain, Ethereum ERC-20, and more.
![Binance Integrates Lightning Network for BTC Transactions image 137](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/07/image-137.png?resize=1024%2C907&ssl=1)
![Binance Integrates Lightning Network for BTC Transactions image 137](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/07/image-137.png?resize=1024%2C907&ssl=1)
Related: Binance to Use Lightning Network to Speed Up Bitcoin Transactions
Addressing Transaction Bottlenecks and Rising Fees
The sudden increase in Bitcoin network gas prices and transaction congestion is what prompted Binance to adopt the Lightning Network. Binance temporarily stopped BTC withdrawals in May to address these issues. Since then, the exchange has been working hard to include the Lightning Network to speed up transactions and lower expenses.
The Lightning Network works by enabling users to construct off-chain transaction channels, and it is supported by well-known exchanges including Bitfinex, Kraken, and CoinCorner. By doing this, it makes Bitcoin transactions faster and more accessible, resulting in a better user experience on Binance’s platform.
#Binance has completed the integration of Bitcoin ( #BTC ) on the Lightning Network and deposits and withdrawals are now open.
— Binance (@binance) July 17, 2023
More details here 👇https://t.co/aIofPdtAGY
Looking ahead, other industry leaders like Coinbase’s CEO, Brian Armstrong, have also expressed their intentions to integrate the Lightning Network. As more exchanges adopt this innovative solution, the crypto community can expect enhanced transaction efficiency and improved accessibility to Bitcoin’s potential.
With Binance’s integration of the Lightning Network, users can now enjoy faster and more cost-effective BTC transactions, marking another milestone in the evolution of cryptocurrency exchanges and the broader adoption of digital currencies.