Binance to Integrate Bitcoin Lightning Network

May 8, 2023

MCP News Free

Binance to Integrate Bitcoin Lightning Network

Keep Point

Faster and cheaper transactions are now possible on Binance with Lightning Network

To make Bitcoin transactions seamless and accessible to all, the world’s leading cryptocurrency exchange has announced plans to integrate lightning networks into its platform, henceforth, Binance users can send and receive Bitcoin faster than Usain Bolt running a 100-meter race.

Binance Pause Withdrawals as BTC Transactions Surge

During the weekend, Bitcoin transactions suffered a major backlog because of a surge in the demand for Bitcoin, probably because of the recent crisis in the banking sector, or the increased popularity of crypto.

However on Monday, Binance slammed a break on Bitcoin transactions temporarily and this happened twice within 24 hours, even though the exchange assured users that funds are SAFU (Secure Assets Fund for Users), Binance announcement didn’t go without reactions among the community members. As always, emotions will always play out.

We've temporarily closed #BTC withdrawals due to the large volume of pending transactions.

Our team is currently working on a fix and will reopen $BTC withdrawals as soon as possible.

Rest assured, funds are SAFU.
— Binance (@binance) May 8, 2023

In order to prevent future occurrences and to improve customer satisfaction, Binance announced shortly after resuming withdrawals that its team members are working on the integration of the Bitcoin Lightning Network.

Lightning network integration will enable Binance users to experience fast, seamless and cheaper transactions on Binance.

“This is a learning opportunity for us and we’ll do our best to prevent this from happening again,” Binance noted in a tweet on Monday.

BTC Lightning network was developed by developers to address challenges such as slow speed of transactions, and high energy consumption amongst others facing Bitcoin transactions.

Be one of the biggest spenders of crypto by joining the ParadiseFamilyVIP, there will be a personal crypto trading expert to teach you how to execute your trade on Binance(spot and futures), Kucoin and Bybit exchanges.

Use PRO20% for your special 20% discount before the promo expires. Click here to see reviews from happy clients.

Join our telegram channels where we share our FREE updates and analysis on coins like BTC, ETH, and other trending altcoins. We also share our FREE secret insights. And also FREE market updates.