© Reuters
Coinbase (NASDAQ:), the prominent cryptocurrency exchange, confirmed on Wednesday its decision to integrate the Lightning Network (LN), a layer-2 solution that enables faster and cheaper Bitcoin (BTC) transactions. The announcement was made by Brian Armstrong, CEO of Coinbase, in response to ongoing scrutiny from the Bitcoin community including high-profile critics like Jack Dorsey, co-founder and former CEO of Twitter and CEO of Block Inc., and Michael Saylor, founder of MicroStrategy.
Armstrong acknowledged on Twitter that “Bitcoin is the most important asset in crypto,” and stated that his exchange is excited to enable faster and more affordable Bitcoin transactions through the integration of LN. He also asked for patience from users, recognizing that the integration process may take some time.
The decision follows a month-long investigation into the feasibility of LN integration led by Viktor Bunin, Protocol Specialist at Coinbase. The investigation began after Dorsey and Saylor publicly questioned Armstrong’s stance on LN.
In the past, major crypto exchanges including Coinbase and Binance had shown no intent to adopt the layer-2 solution. Many community members argued that LN integration offered fewer incentives for exchanges’ income. However, Binance completed its LN integration for BTC withdrawals and deposits on July 17, 2023. It’s noteworthy that Coinbase has faced criticism in the past for its perceived lack of support for Bitcoin and its layer-2 solutions.
While Armstrong did not provide a specific timeline for the integration, the announcement is seen as a significant step towards increased adoption of the Lightning Network. At the time of the announcement, BTC was trading at $25,959.
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