Coinbase to integrate Bitcoin Lightning network: CEO Brian Armstrong
Crypto exchange Coinbase has confirmed its decision to integrate layer 2 payment protocol Lightning Network as users seek faster and cheaper Bitcoin (BTC) transactions.
Lighting Network (LN) was created to help solve Bitcoin’s scalability problem and to compete against newer cryptocurrency projects that promised comparatively faster and cheaper transactions.
Up until recently, major crypto exchanges, including Coinbase and Binance, revealed no intent to adopt the layer 2 solution as many community members argued that NL integration offered fewer incentives for exchanges’ income.
The team did a great job digging into this, and we've made the decision to integrate Lightning. Bitcoin is the most important asset in crypto and we're excited to do our part to enable faster/cheaper Bitcoin transactions. Will take some time to integrate so please be patient. https://t.co/FneeXkLI25
Countering the predominant narrative, Coinbase CEO Brian Armstrong confirmed the exchange’s decision to integrate Lightning Network. He added:
The decision comes a month after Viktor Bunin, Protocol Specialist at Coinbase, started investigating the feasibility of LN integration. During this timeline, MicroStrategy founder Michael Saylor and Square CEO Jack Dorsey publicly questioned Armstrong’s position on LN.
We’re looking into how to best add Lightning. It’s non-trivial, but I think worth doing. I’m all for payments taking off in Bitcoin.
Not sure why you think we’re ignoring Bitcoin - we’ve onboarded more people to Bitcoin than probably any company in the world.
Let’s build it… https://t.co/9dFGYd6XZt
Following Armstrong’s announcement, the crypto community celebrated the decision as Coinbase’s LN integration will allow more users to witness affordable
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