Bitcoin's recent surge, Transaction fees ignited a fire as one of the largest cryptocurrency exchanges upgraded to the Bitcoin Lightning Network. After halting withdrawals for the second time, Binance announced that it was working on “enabling BTC Lightning Network withdrawals , which will help in this situation."
Coinbase, the largest cryptocurrency exchange in the United States, is also warming up for the Lightning Network. Further commenting that CEO Brian Armstrong would integrate LN soon, Armstrong eventually sent Cointelegraph reporter Joe Hall $100 via the Lightning Network, indicating h is familiarity with layer 2 payment protocols. European bitcoin exchanges are also embracing the Lightning Network. Adem Bilican, CTO of Switzerland-based bitcoin exchange Relai,: “We believe Bitcoin is the best savings technology ever. But you should be able to spend and send BTC as f ast and cheaply as possible. The Lightning Network is the best solution to this problem, regardless of on-chain transaction fees.”
Swiss bitcoin exchange Pocket Bitcoin recently tweeted that it would “activate the Lightning Network” in response to rising fees on the bitcoin base chain. However, given that the Lightning Network is a relatively new solution in the crypto space, there may be instances where payments fail. The network is growing and expanding organically, but more liquidity may help the network scale faster. Bitfinex CTO Paolo Ardoino sheds light on the situation:
“The Bitfinex node is the most interconnected node in the entire Lightning Network. It is also the largest and provides liquidity to most other nodes. So the probability of failure is extremely low.” As always, Ardoino tweeted in response to the high fees that Users should demand for their crypto exchanges to integrate LN. Binance and Coinbase are jumping ship, and other large exchanges Gemini, KuCoin, and Bybit have yet to announce implementations of LN.
