- Bitcoin blockchain-based Layer 2, Lightning Network enables instantaneous sending and receiving of Bitcoin (BTC) with virtually no fees.
- Earlier expected to be integrated in the first half of 2021, Kraken has finally integrated the Lightning network.
- According to the company, the network can carry out millions of transactions per second, in comparison to Visa, whose processing is around 65,000 transactions per second.
Kraken has recently executed the Lightning Network to facilitate the clients with a quick settlement of Bitcoin transactions in an attempt to help the asset in accelerating as a medium of exchange.
Lightning Network is a scalability solution developed atop the Bitcoin blockchain that provides the users with a feature of instantaneous sending and receiving of Bitcoin (BTC) with virtually no fees.
According to a spokesperson from the company, who told a news website, along with enabling instant and inexpensive deposits and withdrawals, Kraken is providing core network services that enable the Lightning network to route payments. And that they hope this integration signals their support of Lightning to the broad industry.
Furthermore, the company claims that the network can carry out millions of transactions per second, in comparison to Visa, whose processing is around 65,000 transactions per second.
According to a Blog post by Kraken, the system of payments channels of the network does not publish intermediate transactions to the blockchain while open and holds them off-chain to provide instant and efficient value transfers.
The crypto exchange further cited through the blog post that easy deposits and withdrawals are just the first step of the additional features that they are aiming to provide.
Last December, Kraken announced that it expects to facilitate the clients to deposit and withdraw Bitcoin on the Lightning network sometime in the first half of last year. And now this integration has taken place.
The representative further highlighted to the new website that the rapid scaling of Kraken’s business caused the Lightning Integration to be carried out longer than it was anticipated. He noted that the exchange witnessed trading volumes across all markets to hit an all-time high. And doubled the client base last year.
Whereas, the founder and CEO of Unstoppable Domains, Matthew Gould signified that layer 2 solutions are playing a vital part in improving the usability of digital assets and making it easier for the mainstream population to transact in and adopt digital currencies.
The post Cheers Users: Bitcoin Lightning Network Finally Deployed On Kraken appeared first on The Coin Republic: Cryptocurrency , Bitcoin, Ethereum & Blockchain News.
Source: https://www.thecoinrepublic.com/2022/04/02/cheers-users-bitcoin-lightning-network-finally-deployed-on-kraken/