Binance, a cryptocurrency exchange, has announced the integration of the Bitcoin Lightning Network on its platform. The layer-2 scaling solution will enable faster and cheaper BTC withdrawals and deposits for Binance users.
According to a July 17 blog post, users can now choose “LIGHTNING” as an option when they want to move Bitcoin in or out of Binance.
Other options include BNB Smart Chain (BEP-20), Bitcoin, BNB Beacon Chain (BEP2), BTC (SegWit), and Ethereum ERC-20.
The integration of the Lightning Network comes after Binance faced a temporary suspension of BTC withdrawals in May, due to a high volume of pending transactions and rising network fees.
The Lightning Network aims to solve these issues by creating off-chain payment channels that reduce congestion and costs on the main Bitcoin network.
