According to its CEO Brian Armstrong, layer 2 scaling solution Lightning Network may appear on cryptocurrency exchange Coinbase in some capacity. In an April 8 tweet, Armstrong said "Lightning is awesome, we're going to integrate it," in response to tweets criticizing him for "actively ignoring" the network.
Armstrong did not provide further details on what the Lightning integration with Coinbase will involve or when it can be expected.
Coinbase, Binance and the now-bankrupt FTX have been criticized in the past for not integrating the Lightning Network, which enables faster and cheaper BTC transactions than the underlying Bitcoin network. According to lightning enthusiast David Cohen’s GitHub repository, if Armstrong keeps his word, Coinbase will join Bitfinex, Kraken, and OKX as the largest exchange to integrate Lightning.
Cohen has previously said that the Lightning integration could go against the business plans of many exchanges “as the priority seems to be integrating as many altcoins as possible and following market trends.” Armstrong claims to have tested the Lightning Network application in recent days and sent $100 in BTC to Cointelegraph reporter Joseph Hall after Hall shared a video of himself using Bitcoin in Senegal. The $100 is Armstrong’s award to anyone who shares the “best” example of how people are using cryptocurrencies in Africa. Hall said he would donate the funds to get others on board with Bitcoin.
However, Hall reported that he had not yet received the payment, prompting Bitcoin holder Derek Ross to suggest that Armstrong “needs to learn about the Lightning Network.” Coinbase has been more active in the Ethereum ecosystem of late, launching “Base” on Feb. 23 a network centered on Ethereum layer 2 applications powered by layer 2 Optimism. Interestingly, Armstrong wrote an article "Scaling Bitcoin" in January 2016, where he said he would support a Bitcoin scaling solution:
“We also do this to show our support for scaling Bitcoin and to encourage things to move forward, as we want to see a resolution as soon as possible.”
Lightning launched about two years later in March 2018, and last month marked the network's fifth anniversary.
