- Coinbase considers integrating Lightning Network to improve Bitcoin’s payment prowess.
- CEO Brian Armstrong reaffirms Coinbase’s commitment to Bitcoin adoption.
- Coinbase initiates discussions with the community to gather insights on Lightning Network support.
Coinbase, one of the world’s leading crypto exchanges, is actively considering the integration of the Lightning Network. It hopes to enhance Bitcoin’s utility as a payment method. This decision comes in response to a question posed to CEO Brian Armstrong about the exchange’s approach to Bitcoin and the Lightning Network.
The question, “Why do you continue to ignore Bitcoin and Lightning?” prompted Armstrong to respond positively. Accordingly, he states, “We’re looking into how to best add Lightning. It’s non-trivial, but I think worth doing. I’m all for payments taking off in Bitcoin.”
Armstrong’s response also addressed the perception that Coinbase was neglecting Bitcoin. He emphasized that Coinbase had onboarded more people to Bitcoin than arguably any other company globally, underscoring the exchange’s commitment to the pioneer crypto asset.
Leading the effort to integrate Lightning Network support at Coinbase is Viktor Bunin, the OG Protocol Specialist at Coinbase Cloud. He invited the community to share insights on various aspects of the integration, including lift to add support, user experience flows, open-source tooling, service providers, and edge cases.
Following in-depth discussions and research, the Coinbase team made the strategic decision to integrate the Lightning Network. This move aims to make Bitcoin, considered by many as the most crucial asset in the crypto space, more efficient and cost-effective for transactions. However, Coinbase acknowledged that the integration process would take time and called for patience from its user base.
The Lightning Network is a second-layer scaling solution for Bitcoin that aims to improve the network’s scalability and speed. By enabling faster and cheaper Bitcoin transactions, Coinbase hopes to contribute to the broader adoption of Bitcoin as a practical and efficient means of payment.
All in all, this announcement signifies Coinbase’s proactive approach to enhance its services and promote the use of cryptocurrencies, particularly Bitcoin, as a medium of exchange. As the crypto industry continues to evolve, Coinbase’s move to explore Lightning Network integration demonstrates its commitment to meeting the changing needs of its users and fostering cryptocurrency adoption.
