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Crypto exchange Binance said today that it has set up Lightning nodes on the Bitcoin network to eventually offer users Lightning-based bitcoin deposit and withdrawal services, according to a tweet on Tuesday.
Binance is working on Bitcoin Lightning Network integration for deposits and withdrawals, the exchange tweeted. However, there is still technical work to be done. We’ll update once Lightning is fully integrated.
The Lightning Network is dubbed a second layer of the Bitcoin blockchain, which serves to speed up transaction times and reduce network congestion. It achieves this by setting up payment channels that conduct off-chain transactions between users with a fee of pennies.
In May, Binance announced that it would integrate the Lightning Network to facilitate deposit and withdrawal activities for users. Binance had temporarily suspended bitcoin withdrawals citing network congestion at the time, which raised concerns among users about exchange reserve funds.
Kraken and Bitfinex exchanges already offer Lightning Network services to users, and Coinbase CEO Brian Armstrong suggested in an April tweet that the exchange would offer Lightning Network to users in the future.
The Lightning Network holds just under $145 million worth of bitcoins earmarked for quick payments as of Tuesday morning, the data shows.
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