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In the newest announcement on Monday, July 17, crypto change Binance introduced that it has accomplished the much-awaited integration of the Bitcoin Lightning Network.

As a outcome, Binance customers will now be capable of leverage the Layer-2 scaling resolution for Bitcoin withdrawals and deposits. The crypto change noted: “Binance has completed the integration of Bitcoin (BTC) on the Lightning Network. Deposits and withdrawals for Bitcoin (BTC) are now open on the Lightning Network”.

#Binance has accomplished the mixing of Bitcoin ( #BTC ) on the Lightning Network and deposits and withdrawals are actually open.

More particulars right here 👇https://t.co/aIofPdtAGY

— Binance (@binance) July 17, 2023

Binance’s Push to Use the Lightning Network

Binance has been working over the previous two months on integrating the Bitcoin Lightning Network at its finish. Back in early May 2023, crypto change Binance needed to pause withdrawals as a result of large surge within the fuel charges pushed by the Bitcoin Ordinals inscriptions.

Laster final month in June, Binance CEO Changpeng Zhao confirmed that they’ve been engaged on integrating Bitcoin Lightning. Binance is utilizing the Lightning Network to make Bitcoin transactions sooner and extra scalable. This expertise permits for smoother person experiences by lowering transaction prices and dashing up settlement occasions.

It additionally improves the general effectivity and comfort of utilizing Bitcoin. With the Lightning Network’s off-chain capabilities, Bitcoin’s scalability is enhanced, addressing points like community congestion and transaction delays.

With Binance integrating the Layer-2 scalability Bitcoin Lightning Network at its finish, there’s a chance that different exchanges would possibly as properly observe it sooner or later.

Big Players Working on Bitcoin Lightning Network

Big gamers within the crypto market trade have pledged their assist to the Bitcoin Lightning Network growth and future progress. Earlier this yr, Jack Dorsey’s digital funds firm Block Inc. introduced that it shall be utilizing its personal Bitcoin reserves to offer liquidity to the Bitcoin Lightning community.

Block Inc’s Bitcoin-focused unit TDB has deliberate to launch its personal Lightning Service Provider c= so as to cut back the failed transactions on the Lightning Network as a result of lack of liquidity.

MicroStrategy, the world’s largest company holder of Bitcoins, can be bullish on the Bitcoin Lightning resolution. MicroStrategy CEO Michael Saylor has already built-in Bitcoin Lightning into his e-mail deal with.

So @MicroStrategy transformed my company e-mail deal with right into a #Lightning⚡️ deal with and folks hold sending me 21 sats…🧡 pic.twitter.com/FHde6RtA6N

— Michael Saylor⚡️ (@saylor) April 17, 2023

Bhushan is a FinTech fanatic and holds an excellent aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in the direction of the brand new rising Blockchain Technology and Cryptocurrency markets. He is constantly in a studying course of and retains himself motivated by sharing his acquired data. In free time he reads thriller fictions novels and typically discover his culinary expertise.

The offered content material could embrace the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability to your private monetary loss.