Users of Binance Now Have the Ability to Deposit Bitcoin Using "LIGHTNING" as a Deposit Methodonto its exchange platform for BTC withdrawals and deposits.
On July 17, Binance announced that its users can now use the layer-2 scaling solution for BTC withdrawals and deposits, confirming the integration. Users of Binance now have the ability to deposit Bitcoin using "LIGHTNING" as a deposit method. BNB Smart Chain , Bitcoin, BNB Beacon Chain , BTC , and Ethereum ERC-20 are more alternatives.
After having to temporarily halt BTC withdrawals due to a backlog of outstanding transactions brought on by the recent increase in BTC network gas prices, Binance first made a suggestion about the incorporation of the Lightning Network in May. By enabling users to set up off-chain transaction channels, the Lightning Network seeks to make Bitcoin transactions quicker and more affordable. Other well-known exchanges like Bitfinex, OKX and Kraken have also adopted the Lightning Network. Brian Armstrong, the CEO of Coinbase, also made a hint in April that he intended to incorporate the Bitcoin layer 2 network on Coinbase, although he did not provide a fixed date.
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Binance completes integration of Bitcoin Lightning NetworkCrypto exchange Binance has completed the integration of the Bitcoin Lightning Network, allowing users to deposit and withdraw BTC using the layer-2 scaling solution. binance When users now choose to withdraw or deposit Bitcoin, they will now be able to select “LIGHTNING” as an option. Other options include BNB Smart Chain (BEP-20), Bitcoin, BNB Beacon Chain (BEP2), BTC (SegWit), and Ethereum (ERC-20).
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