Binance launches Lightning Network nodes for deposits and withdrawals
The exchange’s team warned that there is still “more tech work to be done” before the protocol is fully implemented
20.06.2023 - 15:00
337
3 min
0
What’s new? On June 20, the Binance exchange team confirmed the launch of Lightning Network payment protocol nodes as part of a plan to integrate it for depositing and withdrawing funds. However, the company noted that there is still “more tech work to be done” before the network is fully implemented. Binance first announced plans to integrate the Lightning Network on its Twitter account on May 8. The announcement followed an overload on the Bitcoin network that the platform encountered when processing client withdrawals.
#Binance is working to integrate the #Bitcoin Lightning Network for deposits and withdrawals. Some eagle-eyed users spotted our new lightning nodes recently. Yes - that's us! However, there's still more tech work to be done. We'll update once Lightning is fully integrated. https://t.co/N0oN8561sN
— Binance (@binance) June 20, 2023
The Lightning Network, a Layer 2 (L2) payment protocol, is used to speed up transactions on the Bitcoin network and address scalability issues. It was implemented into the mainnet in 2018.
What happened before? On May 7, Binance twice suspended bitcoin withdrawals due to the high load on the network. The next day, the platform’s team first reported that it was considering allowing withdrawals through the Lightning Network.
Binance Spot users will be able to trade on the TradingView platform
To make trades using the analytical service, you need to connect your exchange account
In May, analytics software company MicroStrategy launched a Lightning Network-based rewards platform with rewards in satoshi (1 SATS = 0,00000001 BTC).
That same month, the Lightning Network team began partnering with analytics companies Chainalysis and TRM Labs to help ensure regulatory compliance of regulated firms when using the protocol.
Useful material?
Telegram 
Twitter Market
Analysts note that from 2024 to 2030, tokens worth $155 billion will be unlocked
May 17, 2024
Technologies
The new mechanism has already made it possible to calculate over tens of millions of fraudulent addresses
May 16, 2024
Incidents
The amount of damage amounted to $25 million in cryptocurrencies
May 16, 2024
Market
FTX customers will be compensated in cash, unlike Mt. Gox and Gemini customers who will receive cryptocurrencies
May 16, 2024
Technologies
It is available to crypto wallet users worldwide as an additional feature
May 15, 2024
Market
The ex-official known for his initiatives to explore the potential of blockchain in the financial system has joined the board of directors of a fintech company
May 14, 2024
Cryptocurrency rates
-
Bitcoin
$67 175
BTC
+1.18%
-
Ethereum
$3 136.16
ETH
+3.33%
-
BNB Smart Chain
$580.39
BSC
+0.41%
-
Ripple
$0.525022
XRP
+0.74%
-
Dogecoin
$0.15581
DOGE
+1.91%
-
Cardano
$0.485489
ADA
-0.01%
-
Polkadot
$7.2
DOT
-0.82%
-
Bitcoin Cash
$487.46
BCH
+4.32%
-
Litecoin
$84.43
LTC
+1.58%
-
Stellar XLM
$0.109308
XLM
+1.34%