Coinbase to Add Support for Bitcoin Lightning Network, Says CEO Brian Armstrong
Coinbase, the largest US-based crypto exchange, is set to integrate support for the Lightning Network, a layer-2 scaling solution for Bitcoin (BTC) that aims to address scalability issues. Coinbase CEO Brian Armstrong made the announcement, emphasizing the significance of Bitcoin in the digital asset space.
Armstrong stated that integrating Lightning will enable faster and cheaper Bitcoin transactions, highlighting Bitcoin’s importance as the most crucial asset in the crypto industry. Coinbase previously expressed its belief that Lightning has the potential to revolutionize payment systems and disrupt the dominance of Visa and Mastercard in the $150 billion industry.
Armstrong had previously revealed Coinbase’s interest in integrating Lightning, which prompted Square CEO Jack Dorsey to express his willingness to collaborate on building a Bitcoin payment system.
Hot Take: Coinbase Embraces Lightning Network
Coinbase’s decision to add support for the Lightning Network showcases their commitment to improving scalability and transaction speed for Bitcoin users. By integrating this layer-2 scaling solution, Coinbase aims to enable faster and cheaper transactions, making Bitcoin more accessible and efficient. This move also aligns with Coinbase’s goal of disrupting traditional payment processors dominated by Visa and Mastercard, potentially undercutting their transaction fees. The integration of Lightning further solidifies Coinbase’s position as a leading player in the crypto exchange industry, catering to the evolving needs of its user base.
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