Binance Completes Bitcoin Lightning Network Integration For BTC Withdrawal And Deposit

Binance has completed the Bitcoin Lightning Network integration on its platform for BTC withdrawal and deposit. (photo: binance.com)

JAKARTA - The Binance crypto exchange has completed the Bitcoin Lightning Network integration on its platform for BTC withdrawals and deposits.

The development was confirmed by Binance in a blog post on July 17, where they noted that Binance users can now use a second layer scale solution (layer-2) for BTC withdrawals and deposits.

#Binance has completed the integration of Bitcoin ( #BTC ) on the Lightning Network and deposits and withdrawals are now open. More details here 👇https://t.co/aIofPdtAGY

— Binance (@binance) July 17, 2023

#Binance has completed the integration of Bitcoin ( #BTC ) on the Lightning Network and deposits and withdrawals are now open. More details here 👇https://t.co/aIofPdtAGY

When users choose to withdraw or deposit Bitcoin, they can now choose "LIGHTNING" as an option. Other options include BNB Smart Chain (BEP-20), Bitcoin, BNBbank Chain (BEP2), BTC (SegWit), and Ethereum ERC-20.

Binance first hinted at the integrability of the Lightning Network in May after temporarily delaying the withdrawal of BTC due to delayed transaction flooding due to "the recent surge in gas costs of the BTC network."

The boom in transaction fees was largely attributed to the creation of memecoins on Bitcoin in the form of BRC-20 tokens - a new token standard on the network.

Binance later confirmed that they were working to merge the Lightning Network on June 20 after users saw Binance's own Lightning node.

Binance joins Bitfinex, River Financial, OKX, Kraken, and CoinCorner as another leading exchange that has adopted the Lightning Network.

Coinbase CEO Brian Armstrong also signifies his intention to integrate the Bitcoin 2 layer network in Coinbase in April. However, he did not give time when it would happen.

The Lightning Network aims to make Bitcoin transactions faster and cheaper by allowing users to create out-of-chain transaction channels.