Binance Nods at Bitcoin Lightning Network Integration

The cryptocurrency exchange giant, Binance, is looking to launch an upgrade, igniting anticipation within the Bitcoin (BTC) community.

Taking the first step towards incorporating Bitcoin’s Lightning Network for transaction processing, the platform has initiated running Lightning nodes.

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A spotlight was thrown onto Binance’s strategic move when some vigilant members of the crypto community spotted the company’s Lightning Network nodes.

Taking to Twitter, Binance acknowledged the detection with a short yet impactful affirmation: “Yes – that’s us!”

This confirmation came on the morning of June 20th, proving an earlier hint dropped on May 8th about the crypto exchange’s plan to embrace Lightning Network support.

Binance, while confirming the integration process, emphasized that a considerable amount of technical refinement is still pending.

The company shared on Twitter that its internal teams need to accomplish “still more tech work” before actualizing Lightning Network payments. When asked about the intended timeline for the launch, the crypto exchange revealed that the firm doesn’t “have it yet.”

It’s worth noting that Udi Wertheimer, a well-known Bitcoin developer, was the first to spot the “Binance” nodes on the Lightning Network last week. The function of a Lightning node is to facilitate the handling and channeling of Lightning Network transactions.

The implications of this development could be significant for the crypto giant. As Binance advances towards the Lightning Network support, it signals the potential for improved transaction efficiency and speed – elements that could fortify its stronghold in the crypto exchange landscape.

It appears that Binance is taking major actions to advance its services. On June 19th, the blockchain created by the company BNB Chain unveiled the testnet for its new Layer-2 scalability solution, called “opBNB,” which is set to provide an “answer to the scalability challenge that has limited the mass adoption of blockchain technology.”

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• Source: https://www.bitdegree.org/crypto/news/crypto-exchange-binance-plans-to-integrate-bitcoins-lightning-network