Binance launches new Lightning Network nodes

The cryptocurrency exchange Binance said it is preparing to integrate the Bitcoin Lightning Network (LN), a micropayment network, for deposits and withdrawals.

#Binance is working to integrate the #Bitcoin Lightning Network for deposits and withdrawals.

Some eagle-eyed users spotted our new lightning nodes recently. Yes — that’s us!

However, there’s still more tech work to be done. We’ll update once Lightning is fully integrated. https://t.co/N0oN8561sN

— Binance (@binance) June 20, 2023

“Some eagle-eyed users recently noticed our new Lightning nodes. Yes — that’s us! However, there’s still a lot of technical work ahead. We will inform you as soon as LN is fully integrated,” said platform representatives.

Binance first stated plans to integrate in May after an internal outage caused by congestion on the Bitcoin network. To prevent similar situations in the future, the exchange team began work on enabling withdrawals of the first cryptocurrency via the Lightning Network.

Some competing trading platforms — Bitfinex and Kraken — have already added support for the micropayment network.

According to data from LookIntoBitcoin, the Lightning Network capacity has risen over the past year. At the time of writing the metric stood at $145.3 million or 5,410 BTC.

In June, Binance’s mining pool unveiled a transaction acceleration service for VIP traders.

Earlier, Coinbase CEO Brian Armstrong promised to integrate Lightning Network “in some capacity.”