Coinbase CEO Brian Armstrong has announced the exchange will open up support for the Bitcoin Lightning network after accusations it has been lagging behind its competitors.
Bitcoin Lightning network solves the slow transaction processing ability of the apex cryptocurrency. It functions as a second layer on Bitcoin (BTC), allowing for faster payments.
However, until recently, some of the largest crypto exchanges did not support the network.
Community Demands Coinbase Support Bitcoin Lightning
Brian Armstrong took to X (Twitter) to inform the community that they soon roll out the support for the Bitcoin Lightning network. However, he did not specify a timeline and asked the community to be patient.
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Previously, on Aug. 2, after facing community criticism, Armstrong clarified that he was not ignoring the Bitcoin Layer 2 solution. And before that, in April, Armstrong said he was keen to integrate the Bitcoin Lightning network.
Pierre Rochard, who previously contributed to integrating the Bitcoin Lightning network for Kraken, offered support to Armstrong, asking him to “reach out any time.” Many other community members also showed their support and applauded Coinbase for its development. However, some also feel that Coinbase should have already integrated the services.
A community member wrote:
“Should have been done years ago, but better late than never.”
While Coinbase is yet to roll out Bitcoin Lightning, its competitor Binance integrated the service in July. As of Sept. 11, the Bitcoin Lightning network has 17,669 nodes and a capacity of 4,783.590 Bitcoin (BTC).
Click here to read our Binance exchange review for 2023.
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Source: https://beincrypto.com/coinbase-supports-bitcoin-lightning/