Binance Adopts Bitcoin Lightning Network for Fast Deposits and Withdrawals

Binance, the leading cryptocurrency exchange known for its substantial Bitcoin holdings and high daily trading volume, is now joining Twitter, El Salvador, and Paxful in adopting the Bitcoin Lightning Network. This move aims to enable faster and more cost-effective transactions.

Binance recently shared the news via a tweet, informing users that the company’s new lightning nodes are already in operation. Meanwhile, their development team is diligently working on integrating the Bitcoin Lightning Network into their platform.

Mainstream Adoption For Binance

With over 140 million registered users, Binance, as a global cryptocurrency exchange, is determined to attract even more users amidst the increasing mainstream adoption of cryptocurrencies. To stay competitive in the market, Binance recognizes the importance of keeping its services up to date. This strategy enables them to effectively compete with other globally recognized companies such as Coinbase Global, Gemini, and Kraken.

Last month, Binance faced temporary restrictions on Bitcoin withdrawals due to a surge in pending transactions. This spike in transaction volume caused a significant increase in the average transaction fee on the Bitcoin network, reflecting similar congestion issues experienced by Ethereum. Considering the influx of institutional investors into the crypto market, avoiding network congestion becomes an inevitable challenge for the Bitcoin network.

Also Read: Binance Earns Judicial Validation Amid Regulatory Scrutiny – Coinpedia Fintech News

Binance Remains Resilient

Binance has been under regulatory scrutiny in the United States and the UK, which significantly reduced its market share. As a result, the exchange is keen to retain the existing customers through network efficiency before next year’s Bitcoin halving, which often triggers the crypto bull rally.