Key facts:
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A node from the Kraken exchange, from Bitfinex and another from Okex opened payment channels together with Binance.
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Binance had promised to include a Lightning feature following the Bitcoin congestion.
Binance, the largest exchange on the planet, is one step away from activating a feature to execute bitcoin (BTC) payments through the Lightning network, a second-layer solution that minimizes the cost of operations and is instant. .
Through a tweet, Binance confirmed that “is working to integrate #Bitcoin Lightning Network for deposits and withdrawals.” The announcement comes after network users will identify the Binance node and the formation of 2 payment channels.
The creation of these channels occurred on June 15 and Binance’s counterparties were the exchanges Kraken (10 BTC channel) and OKX (5 BTC channel), as can be seen see on Amboss, a platform that offers services related to the Lightning network.
Some eagle-eyed users recently spotted our new Lightning nodes. Yes, we are!
However, there is still more technological work to be done. We’ll update once Lightning is fully integrated.
Binance, cryptocurrency exchange.
Yesterday, in addition, another 2 payment channels were confirmed. One created together with the Bitfinex exchange of 5 BTC and another one from Kraken, which adds another 5 BTC.
At the beginning of May, Binance had announced that it would integrate the Lightning network to the exchange platform, a request that many people in the bitcoin community had made for a long time. The announcement was made as a result of the congestion of the Bitcoin network, caused by a high demand in the use of the then new Ordinals BRC-20 tokens, which forced the exhnage to pause BTC withdrawals, given the increase in the value of the commissions.
Binance is the world’s largest exchange, with a daily volume of more than $5 billion according to CoinMarketCap, a market data site owned by the same company. Binance’s foray into the Lightning network could mean a before and after for Bitcoin’s scalability.
