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Bitcoin Lightning Gets Coinbase Approval

2 mins
Updated by Ali M.
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In Brief

  • Coinbase CEO, Brian Armstrong, announces plans to integrate Bitcoin Lightning network, enhancing transaction speed.
  • Despite community demand, Armstrong hasn't specified a timeline for the rollout of Bitcoin Lightning network support.
  • As of Sept. 11, the Bitcoin Lightning network boasts 17,669 nodes and a capacity of 4,783.590 Bitcoin (BTC).
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Coinbase CEO Brian Armstrong has announced the exchange will open up support for the Bitcoin Lightning network after accusations it has been lagging behind its competitors.

Bitcoin Lightning network solves the slow transaction processing ability of the apex cryptocurrency. It functions as a second layer on Bitcoin (BTC), allowing for faster payments.

However, until recently, some of the largest crypto exchanges did not support the network. 

Community Demands Coinbase Support Bitcoin Lightning

Brian Armstrong took to X (Twitter) to inform the community that they soon roll out the support for the Bitcoin Lightning network. However, he did not specify a timeline and asked the community to be patient.

Click here to learn about the best Bitcoin Lightning Wallets in 2023.

Previously, on Aug. 2, after facing community criticism, Armstrong clarified that he was not ignoring the Bitcoin Layer 2 solution. And before that, in April, Armstrong said he was keen to integrate the Bitcoin Lightning network.

Pierre Rochard, who previously contributed to integrating the Bitcoin Lightning network for Kraken, offered support to Armstrong, asking him to “reach out any time.” Many other community members also showed their support and applauded Coinbase for its development. However, some also feel that Coinbase should have already integrated the services.

A community member wrote:

“Should have been done years ago, but better late than never.”

While Coinbase is yet to roll out Bitcoin Lightning, its competitor Binance integrated the service in July. As of Sept. 11, the Bitcoin Lightning network has 17,669 nodes and a capacity of 4,783.590 Bitcoin (BTC).

Click here to read our Binance exchange review for 2023.

Bitcoin lightning network statistics
Bitcoin Lightning network statistics. Source: Bitcoin Visuals

Do you have anything to say about Coinbase’s support for the Bitcoin Lightning network or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Top crypto platforms in the US | February 2024

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Harsh Notariya
Harsh Notariya excels in delivering SEO-optimized crypto news under tight deadlines. Previously, as a Growth Marketer at Sporty and a Community Consultant at Totality Corp, he significantly boosted community engagement and followers. Harsh also crafted engaging content for top crypto influencer Shivam Chhuneja, blending meme references for an educational yet fun experience. His versatile skills make him a notable figure in crypto journalism.
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