According to Coinbase’s CEO, Brian Armstrong, Coinbase is set to emulate Binance by integrating Bitcoin’s Lightning Network, aiming to offer faster and more cost-effective BTC transactions to its users.
In a recent X (Twitter) announcement, Brian Armstrong, CEO of Coinbase, unveiled the exchange’s plans to incorporate the Lightning Network into its platform with the goal of facilitating quicker and more economical Bitcoin transactions.
Armstrong emphasized the significance of Bitcoin within the crypto space while acknowledging that the integration process would require some time to complete. He urged the community’s patience as the upgrade’s technical aspects were worked on.
Coinbase is not the pioneer among major centralized exchanges to disclose its intentions to harness the scalability benefits of the Lightning Network.
In July 2023, Binance had already implemented Lightning Network support for deposits and withdrawals on its exchange. This move was prompted by disruptions in Bitcoin-related activities due to the increased demand for Bitcoin transactions during that period.
The adoption of the Lightning Network and its underlying technology by two of the world’s most prominent exchanges raises the question of whether other centralized cryptocurrency platforms will follow suit in the future.