Coinbase to Speed Up Bitcoin Transactions With Lightning Network Integration

20. Mai 2023 0 Comments

• Coinbase – the largest and most popular crypto exchange in the U.S. – has confirmed it’s going to be integrating the bitcoin Lightning Network onto its platform.
• The Lightning Network is designed to help move various (smaller) bitcoin transactions off-chain, thus ensuring the network has less baggage to deal with.
• Coinbase recently received a Wells notice from the Securities and Exchange Commission (SEC), which is a warning that it might be charged in the future.

Coinbase Integrating Bitcoin’s Lightning Network

Coinbase – the largest and most popular cryptocurrency exchange in the U.S. – has announced plans to integrate Bitcoin’s Lightning Network onto its platform. This will enable faster transfers of Bitcoin between wallets while reducing transaction costs.

What is The Lighting Network?

The Lighting Network helps move small Bitcoin transactions off-chain, reducing congestion on the main blockchain and allowing for faster transfers between wallets. Brian Armstrong, CEO of Coinbase, made this announcement on Twitter: „Lightning is great and something we’ll integrate.“

Coinbase Receives Wells Notice from SEC

This news comes at an interesting time as Coinbase recently received a Wells Notice from the Securities and Exchange Commission (SEC). This means that they may face charges in the future but have been given time to prepare their defense against any potential allegations. There have been several other cryptocurrency companies facing legal action over recent years, leading some to believe that this could be another attempt by SEC to stifle innovation within cryptocurrencies in America.

Positive Reaction From Crypto Community

The announcement of integration of The Lighting Network was met with enthusiasm by members of the crypto community such as Gabor Gurbacs who said „Looking forward to seeing Lightning support on Coinbase.“

Conclusion

Coinbase’s confirmation that they are integrating The Lighting Network demonstrates their commitment to providing better services for customers when dealing with cryptocurrencies, despite receiving a Wells Notice from SEC which may lead them into further legal trouble down the line.