Bitcoin Lightning Network Functions Reportedly Go Live On Kraken

Certain users of the Kraken crypto exchange have reported that functionalities for Bitcoin (BTC) Lightning Network (LN) are already available on the platform, despite the crypto exchange targeting the launch for said functionalities at an earlier date.

While Kraken has announced its plans to implement the Bitcoin Lightning Network integration for its platform way back in late 2020, the exchange has initially decided to have the functions live by 2021. This was never seen last year, though, as the crypto exchange never made any official announcement of a Lightning Network integration.

Screenshots from a Twitter user indicate that Kraken has quietly done so, implementing the Lightning Network integration for its exchange services.

It’s official! @krakenfx has implemented the Lightning Network.

Congrats @jespow, @brianchoffman, @BitcoinIsSaving and the rest of the Kraken guys.

(Screw Dan Held though ?) https://t.co/tF5CP7JB5A pic.twitter.com/6LikdzdJ18

— Mr.Hodl ?? (@MrHodl) March 29, 2022

A known Bitcoin maximalist, @MrHodl also shared an earlier link from Amboss, a Lightning Network explorer, which detailed a node using “Kraken” as its alias. The process indicated on the screenshot is a withdrawal from Kraken which enables user to execute a withdrawal request from a Lighting wallet forwarding BTC to their accounts.

“The Lightning network runs on top of the Bitcoin blockchain to enable more uses of Bitcoin,” states a withdrawal notice from Kraken.

However, the said Lightning implementation has not been observed by other Kraken users, and no option for Lightning Network withdrawal with BTC was visible on their accounts. The team behind Amboss has gone on to clarify the issue and confirm that the node might well be legitimate.

“Kraken has not contacted us to verify that this node is theirs using our standard Twitter plus digital signature verification process to prove ownership. However, judging by the restrictive channel policies, their choice of channel peers and the size of their nodes and channels, this appears to be legitimate,” Lightning Network explorer Amboss stated.

The rumors began sometime in March 16th as “network gossip” circulated on the existence of a Kraken LN node with some 7 BTC in capacity. Current data from Amboss indicates that this capacity has since grown to 28 BTC. At the time of writing, Kraken has not issued any official notice or response on the matter.

_{Note: This story is currently developing and CryptoDaily will update this article with relevant information when available and as the matter unfolds.}

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