Binance to implement Lightning Network nodes for enhanced Bitcoin transactions

On June 20, cryptocurrency trade Binance introduced that it had commenced working nodes on the Bitcoin Lightning Network as an important step towards integrating it for deposits and withdrawals.

In a tweet, Binance acknowledged customers who seen their new Lightning nodes and confirmed their presence. Nonetheless, Binance highlighted that further technical work should be accomplished earlier than the Lightning integration is totally applied, promising to present updates alongside the way in which.

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

Some eagle-eyed customers noticed our new lightning nodes not too long ago. Sure – that is us!

Nonetheless, there’s nonetheless extra tech work to be accomplished. We’ll replace as soon as Lightning is totally built-in. https://t.co/N0oN8561sN

— Binance (@binance) June 20, 2023

In response to the congestion witnessed on the Bitcoin (BTC) community on Could 7, Binance introduced its plans to incorporate the Lightning Network to alleviate bottlenecks. In a tweet, Binance talked about its ongoing efforts to allow BTC Lightning Network withdrawals, recognizing its potential in such conditions. The elevated congestion was primarily attributable to a surge in BRC-20 transactions, with the recognition of memecoins being a contributing issue. 

The Bitcoin Lightning Network is a layer-two protocol constructed on the Bitcoin blockchain to handle scalability points. It permits contributors to create fee channels, conduct off-chain transactions rapidly and inexpensively, and settle the channels on the Bitcoin blockchain when vital. The Lightning Network goals to improve the velocity, scalability and privateness of Bitcoin transactions, making it extra environment friendly for microtransactions whereas lowering charges and congestion on the principle community.

Associated: Binance’s BNB Chain introduces layer-2 testnet powered by Optimism

Just lately, Binance has been entangled in a legal battle with the USA Securities and Trade Fee (SEC), inflicting a interval of uncertainty for the corporate. Nonetheless, there’s a sense of aid after Choose Amy Berman Jackson of the U.S. District Court docket for the District of Columbia approved a consent agreement between Binance, Binance.US and the SEC. The settlement successfully dismissed a brief restraining order filed by the SEC that will have frozen all Binance.US belongings. 

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