JAKARTA - Binance, one of the world's largest cryptocurrency exchanges, announced the Bitcoin Lightning Network's integration for faster deposits and withdrawals. The move comes after Binance faces a challenge with delayed BTC withdrawals.
By adopting the Lightning Network, Binance allows faster and more measurable Bitcoin transactions, improving the user experience as a whole. This integration is ongoing with some technical work still to be completed.
Binance CEO Changpeng Zhao CZ confirmed this development and stated the exchange's commitment to sustainable growth. Users will benefit from lower transaction fees and faster completion times.
The use of the Lightning Network will also increase Bitcoin scalability and address network bottleneck problems and transaction delays. Binance previously faced problems with delayed BTC withdrawal due to a spike in transactions and high Bitcoin network gas costs.
Binance is taking action to increase withdrawal fees and ensure transactions can be processed quickly. However, the exchange also plans to use the Bitcoin Lightning Network to prevent similar problems from recurring in the future.
With a faster and more efficient solution through the Bitcoin Lightning Network, it is hoped that Binance users will get a better experience on its platform. This integration is also a strategic step in overcoming challenges on the crypto exchange platform Binance.
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