Coinbase To Support Bitcoin Lightning Network

It has been reported that Coinbase will support the Bitcoin Lightning Network. Check out the latest reports about the matter below.

Coinbase CEO Brian Armstrong has announced that the exchange will be supporting Lightning Network, a layer-2 scaling solution for Bitcoin that aims to address scalability issues.

Armstrong recognizes the importance of Bitcoin in the digital asset space and is actively working to integrate Lightning to enable faster and cheaper Bitcoin transactions.

The integration process may take some time, and Coinbase asks for patience from its users. The potential for Lightning to revolutionize payment systems and disrupt the industry currently dominated by Visa and Mastercard has been previously stated by the company.

“Lightning has the potential to replace existing payment processors for fiat transactions without the consumer knowing that BTC was used as the underlying settlement layer.”

The notes continued and revealed the following:

“Visa and Mastercard are the world’s dominant payment processing networks. By collecting 2–3% transaction fees every time someone swipes a debit or credit card, they pulled in $24B in 2021. Payment processors leveraging the Lightning Network could undercut that.”

It is important to note the fact that Armstrong already unveiled Coinbase’s interest in integrating Lightning last month. As a response, Square CEO Jack Dorsey made sure to state the fact that he is willing to work with the exchange in building a Bitcoin payment system.

“Putting more of your resources towards your original focus on Bitcoin and layer-2 technologies would be amazing and we’d be happy to partner.”

Earlier, we revealed that according to a recent blog post by a cryptocurrency exchange, the US Securities and Exchange Commission’s (SEC) regulatory approach is negatively affecting America.

The post expresses concern that while other countries are taking advantage of the economic benefits of cryptocurrency, the SEC’s enforcement-only strategy is resulting in the loss of millions of jobs and driving opportunities away.

Check out our previous article in order to learn more details about this.