{"id":24857,"date":"2023-06-20T05:37:41","date_gmt":"2023-06-20T09:37:41","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/binance-working-on-bitcoin-lightning-network-integration-for-deposits-and-withdrawals\/"},"modified":"2023-06-20T05:37:42","modified_gmt":"2023-06-20T09:37:42","slug":"binance-working-on-bitcoin-lightning-network-integration-for-deposits-and-withdrawals","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=24857","title":{"rendered":"Binance Working on Bitcoin Lightning Network Integration for Deposits and Withdrawals"},"content":{"rendered":"
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Binance<\/strong>\u00a0is working to enable the\u00a0Bitcoin Lightning Network<\/strong>, which is designed to make\u00a0Bitcoin (BTC)<\/strong>\u00a0transactions faster and cheaper.\u00a0<\/p>\n

“Binance is working to integrate the Bitcoin Lightning Network for deposits and withdrawals,” the world’s largest cryptocurrency exchange said in a Tuesday tweet.\u00a0<\/p>\n

The move comes as the exchange had pledged to add support for the Bitcoin Lightning Network in early May after it experienced issues due to the volume of pending transactions.<\/p>\n

At the time, Binance had to halt withdrawals due to a large backlog of pending withdrawals.<\/p>\n

“Some eagle-eyed users spotted our new lightning nodes recently. Yes – that’s us!” Binance said, adding that there is “still more tech work to be done. We’ll update once Lightning is fully integrated.”<\/p>\n

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The Lightning Network is a layer-2 protocol built on Bitcoin that addresses scalability issues. It allows for faster and cheaper transactions by creating a network of payment channels between participants.<\/p>\n

The Bitcoin Lightning Network does not have any upper bound concerning TPS, as a single channel in the network can process over 250 TPS, and there\u2019s no limit to how many channels can join the network.<\/p>\n

Fundamentally, the Lightning Network lets users engage in multiple off-chain transactions with only initial and final wallet balances being written into the Bitcoin blockchain.\u00a0<\/p>\n

This approach significantly increases the network\u2019s throughput and decreases transaction fees. Besides, it adds another layer of user security and anonymity.<\/p>\n

Strike Expands Lightning Network Cross-Border Payments to Mexico<\/h2>\n

Payments firm\u00a0Strike<\/strong>, which leverages Bitcoin\u2019s Lightning Network to provide a faster, cheaper, and more accessible alternative to traditional money transfer providers, has\u00a0expanded its \u201cSend Globally\u201d service to Mexico.<\/p>\n

The service allows users to send funds internationally, providing a convenient solution for cross-border transactions.<\/p>\n

“At Strike, we believe that everyone should have equal access to better payments and financial stability,” Strike CEO and founder\u00a0Jack Mallers<\/strong>\u00a0said.\u00a0<\/p>\n

“We\u2019re excited to bring fast, low-cost cross-border payments via the Lightning Network to Mexico, enabling more people to send money home.”<\/p>\n

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Since its launch in December 2022, Strike’s Send Globally has expanded to over a dozen countries including the Philippines, Vietnam, and Nigeria, among others, which are among the top 10 largest cross-border markets.<\/p>\n<\/blockquote>\n

It is worth noting that Twitter also uses Strike to allow users to send and receive Bitcoin \u201ctips\u201d via the Lightning Network.\u00a0<\/p>\n

However, the Bitcoin Lightening Network is yet to find mainstream adoption.<\/p>\n

According to data by\u00a0DefiLlama<\/strong>, the Lightning Network\u2019s\u00a0total liquidity\u00a0is less than 0.5% of the Ether locked in DeFi contracts.\u00a0<\/p>\n<\/p><\/div>\n