Binance Integrates Lightning Network

The Binance cryptocurrency exchange team has completed the deployment of the Bitcoin Lightning Network (LN) for deposits and withdrawals. 

Now for deposits, users can choose LN as an option. Among other options for depositing or withdrawing the first cryptocurrency: BNB Smart Chain (BEP-20), BNB Beacon Chain (BEP2), SEGWITBTC (SegWit) and Ethereum (ERC-20). 

In addition to Binance, the Lightning Network has already been deployed by Bitfinex, Kraken, River Financial, OKX and CoinCorner. 

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

Subsequently, developers reported the launch of new LN nodes.

According to data from LookIntoBitcoin, the capacity of the micro-payment network has been rising over the past year, but began to fall in the last week. At the time of writing, the metric stood at 4,864 BTC ($146.4 million). 

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

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