- Changpeng Zhao has brought attention to the integration of the Bitcoin Lightning Network.
- The Binance CEO highlighted the growth of his company following the setting up of Bitcoin Lightning nodes.
- The latest development will help ease the congestion of deposits and withdrawals on the crypto exchange.
Changpeng Zhao, the man behind the largest crypto exchange in the world, has lauded his company for integrating the Bitcoin Lightning Network with its online trading platform. Binance revealed earlier today that it was working to incorporate the Bitcoin Lightning Network for deposits and withdrawals.
Slowly, but we keep building… https://t.co/Em7DTV3wty— CZ Binance (@cz_binance) June 20, 2023
CZ took to Twitter earlier today to inform his followers about Binance’s latest development. According to a recent tweet from Binance, the crypto giant has been working to integrate the Bitcoin Lightning Network. Full integration is reportedly pending as a lot of technical work on the network remains to be done. “Slowly, but we keep building,” Zhao added.
Some of Binance’s users apparently spotted the crypto exchange’s new lightning nodes recently. Binance confirmed that the nodes were indeed theirs and that the lightning network would soon be fully integrated. The news was well received by the crypto community on Twitter.
The Bitcoin Lightning Network is a second-layer technology built on the Bitcoin blockchain. The network aims to improve the scalability, speed, and efficiency of Bitcoin transactions by using off-chain payment channels. The system allows for an increased number of transactions while reducing transaction costs and confirmation times.
The latest development comes more than a month after Binance temporarily closed BTC withdrawals due to congestion on its payment channels. A large volume of pending withdrawal transactions prompted the crypto exchange to take the controversial decision. The surge in gas fees was blamed for the withdrawal issues.
At the time, Binance adjusted its fees to deal with the congestion. The crypto exchange also told its users that its team had been working on enabling BTC Lightning Network withdrawals to help with such situations.
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