According to a tweet on April 8, Coinbase CEO Brian Armstrong said his exchange will integrate the Bitcoin Lightning Network into their platform.
Armstrong issued this statement in response tweet Therefore, it was questioned by Bitcoin Wicked bull that it had not commented publicly on the Lightning Network before.
According to Armstrong, his tweets will be automatically deleted after a few months, which is why there is no comment history on the aforementioned scaling solution. He thinks “Lightning is awesome” and “something we’re going to integrate.”
Armstrong did not provide further information on when the integration would take place.
The Lightning Network is a layer 2 network built on top of Bitcoin that solves the scalability problem. The network offers faster transaction speeds and cheaper fees. It is also the most popular layer 2 BTC solution.
Community reacts positively to Armstrong’s statement
Some crypto stakeholders, like MicroStrategy founder Michael Saylor, responded positively to Armstrong’s statement. Bitcoin holder Derrick Rose said:
“Adding Lightning support for deposits and withdrawals would be amazing.”
others exhibit It’s doubtful, mind you that Coinbase may never be able to do this.
At the same time, some people suggestion Coinbase should integrate quickly as it may only offer Bitcoin due to the current regulatory environment.
If Coinbase integrates the Lightning Network, it will join competitors such as Kraken, Bitfinex, BitStamp and OKEx that already support the L2 solution.
Bitcoin Lightning Network OK accept more and more a lot of
Meanwhile, the adoption of Bitcoin’s Lightning Network has grown steadily over the past year. According to the data, the amount of Bitcoin locked in the Lightning Network hit an all-time high of 5,490 BTC in February, but has since dropped to 5,420 BTC Defilama. This metric has grown significantly compared to 3,350 BTC at the beginning of last year.
Not only has the total value locked (TVL) locked into the network increased, but transaction volume has also increased. BitPay reported an 18% increase in transaction volume in 2022 compared to 2021. Growth in the fourth quarter of 2022 is 32% higher than in 2021.
Since the network does not have a native token like most protocols, experts believe the growth so far has been natural.one Report Published by Valkyrie Investment in February 2023, highlighting the adoption of the Lightning Network since its inception.
Bitcoin Lightning Adoption Rate network | Source: Valkyrie
Meanwhile, payment platform Strike launched a mobile payment app in 2020. The platform has since integrated with Shopify and expanded to Africa, El Salvador, and the Philippines.
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