Coinbase CEO Brian Armstrong says the largest US-based crypto exchange is adding support for Lightning Network, a layer-2 scaling solution for Bitcoin (BTC) that aims to address scalability issues.
In a statement, Armstrong says Coinbase is working to add Lightning given the significance and importance of Bitcoin in the digital asset space.
“We’ve made the decision to integrate Lightning. Bitcoin is the most important asset in crypto and we’re excited to do our part to enable faster/cheaper Bitcoin transactions. Will take some time to integrate so please be patient.”
Coinbase previously issued a statement saying that Lightning can revolutionize payment systems and disrupt the $150 billion industry currently dominated by Visa and Mastercard.
“Lightning has the potential to replace existing payment processors for fiat transactions without the consumer knowing that BTC was used as the underlying settlement layer.
Visa and Mastercard are the world’s dominant payment processing networks. By collecting 2–3% transaction fees every time someone swipes a debit or credit card, they pulled in $24B in 2021. Payment processors leveraging the Lightning Network could undercut that.”
Armstrong already unveiled Coinbase’s interest in integrating Lightning last month. In response, Square CEO Jack Dorsey says he is willing to work with the exchange in building a Bitcoin payment system.
“Putting more of your resources towards your original focus on Bitcoin and layer-2 technologies would be amazing and we’d be happy to partner.”
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