The Binance cryptocurrency exchange has completed the integration of the Bitcoin Lightning Network into its platform for BTC deposits and withdrawals.
The development was confirmed by Binance in a blog post on July 17, where they noted that Binance users now you can use layer 2 scaling solution for BTC deposits and withdrawals.
When users now choose to withdraw or deposit Bitcoin, they will now be able to select "LIGHTNING" as an option. Other options include BNB Smart Chain (BEP20), Bitcoin, BNB Beacon Chain (BEP2), BTC (SegWit), and Ethereum ERC20.
Binance first hinted at Lightning Network integration in May after it had to temporarily pause BTC withdrawals due to a flood of pending transactions caused by "the recent increase in gas fees from the BTC network."
The explosion in transaction fees has been largely attributed to the creation of Bitcoin memecoins in the form of BRC-20 Tokens โ a new standard token in the network.
#Binance has completed the integration of Bitcoin ( #BTC ) on the Lightning Network and deposits and withdrawals are now open.
More details here https://t.co/aIofPdtAGY
โBinance (@binance) July 17, 2023
Binance later confirmed that it was working for on board the Lightning Network on June 20, shortly after users spotted Binance's own Lightning Nodes.
Related: What is the Bitcoin Lightning Network and how does it work?
Binance joins Bitfinex, River Financial, OKX, Kraken, and CoinCorner as the other notable exchanges that have adopted the Lightning Network.
Coinbase CEO Brian Armstrong also noted his intention to integrate the Bitcoin Layer 2 network on Coinbase in April. However, he did not give a timeline for when it might happen.
the lightning network aims to make Bitcoin transactions faster and cheaper by allowing users to create off-chain transaction channels.
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