{"id":36651,"date":"2023-07-17T06:40:15","date_gmt":"2023-07-17T10:40:15","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/binance-successfully-integrates-bitcoin-lightning-network-for-faster-and-cheaper-transactions\/"},"modified":"2023-07-17T06:40:16","modified_gmt":"2023-07-17T10:40:16","slug":"binance-successfully-integrates-bitcoin-lightning-network-for-faster-and-cheaper-transactions","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=36651","title":{"rendered":"Binance Successfully Integrates Bitcoin Lightning Network for Faster and Cheaper Transactions"},"content":{"rendered":"
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Crypto exchange giant Binance<\/strong> has completed the integration of the Bitcoin Lightning Network, enabling its users to deposit and withdraw the world’s number one crypto through this popular Layer 2 (L2).<\/p>\n

Bitcoin Lightning Network is a second-layer solution that addresses scalability issues. It uses payment channels in order to settle transactions without having to wait for block confirmations.<\/p>\n

Not only does the protocol allow for faster bitcoin transactions, but they’re also cheaper. Additionally, it significantly increases the network’s throughput and adds another layer of user security and anonymity.<\/p>\n

Binance first spoke of integrating the L2<\/a> back in May, after it had experienced issues due to the volume of pending transactions.<\/p>\n

It followed that up with setting up Lightning nodes in June. “Some eagle-eyed users spotted our new lightning nodes recently. Yes – that’s us,” said the exchange at the time, adding that “there’s still more tech work to be done.”<\/p>\n

And today, Binance announced that it completed the integration, meaning that deposits and withdrawals for BTC “are now open on the Lightning Network.”<\/p>\n

Users are directed to find their assigned bitcoin deposit address on the Lightning Network within the Deposit Crypto page.\u00a0<\/p>\n

The exchange also explains how to deposit and withdraw BTC via the network on the FAQ page.\u00a0<\/p>\n

‘No Need to FUD’<\/h2>\n

Binance said today that it had shortly experienced “a tech issue with the withdrawal system,” that lasted for about 10 minutes. “Should be all fixed now. No need to FUD [fear, uncertainty, and doubt],” added<\/a> CEO Changpeng Zhao (CZ).<\/p>\n

CZ also commented on the recent layoff news. The exchange reportedly fired about 1,000 workers in recent weeks, with more layoffs said to be coming.\u00a0<\/p>\n

However, CZ stated that the numbers reported by the media are exaggerated. He confirmed that the “involuntary terminations” have happened but said that the company is still hiring.<\/p>\n

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That said, several top Binance executives resigned earlier this month in response to CZ’s handling of the investigation by the US Department of Justice<\/strong> (DoJ).\u00a0<\/p>\n

These include General Counsel Hon Ng, chief strategy officer Patrick Hillmann, SVP for Compliance Steven Christie, and former IRS agent Matthew Price.<\/p>\n

Meanwhile, another big, Binance-related news came several days ago, as it was revealed that the BNB Beacon Chain mainnet is set to add a new feature in its upcoming hard fork, which will allow the blockchain to “halt” the production of new blocks in certain scenarios.\u00a0<\/p>\n

The BEP-255, set to be introduced in the “ZhangHeng” upgrade on July 19, will enable the chain to locate reconciliation errors, after which “the blockchain will panic and stop producing new blocks.”<\/p>\n

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Learn more:\u00a0<\/h3>\n

– Binance CEO: Exchange Gearing Up for Increased Crypto Trading Volumes \u2013 Here’s Why
– Today in Crypto: BNB Beacon Chain Upgrade Will Allow It to Halt New Block Production<\/p>\n

– Binance Australia Under Investigation, Offices Searched by Regulator
– 22 Ways to Earn Crypto on Binance<\/p>\n<\/p><\/div>\n