The leading US-based crypto exchange by trading volume is adding support for Bitcoin (BTC) payments platform Lightning Network.
In a new announcement, Coinbase says it is giving users a choice in how to send BTC payments by integrating the Lightning Network.
“Starting today, Coinbase is rolling out support for the Lightning Network enabling instant, low-cost Bitcoin transfers. Users will have the option to choose between using Lightning for faster and cheaper Bitcoin transactions or processing their transactions on the traditional Bitcoin network.
This integration furthers our mission to build a one-second, one-cent global payments system that provides affordable access to everyday financial tools.”
Compared to credit card fees and wire transfer fees, sending BTC on the Lightning Network is on average about 20 times cheaper, according to the press release.
The Lightning Network functions by enabling off-chain BTC transfers, which aims to reduce transaction time.
“Until now, bitcoin transfers on Coinbase were processed onchain which could take anywhere from 10 minutes to 2 hours and could be costly for users. The Lightning Network, built on top of Bitcoin, enables instant off-chain bitcoin transfers at a fraction of the cost. Since its launch in 2017, the Lightning Network has grown steadily, leading to an increase in demand from our customers.”
According to the announcement, the Lightning Network integration is not yet available in all regions.
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