The largest American cryptocurrency exchange, Coinbase, has added support for the Lightning Network on its platform to enable faster and cheaper payments.
According to a blog post, the Lightning Network integration on Coinbase will reduce the cost of sending bitcoin (BTC) globally by 20x compared to the 2% charged on United States credit card transactions and the $30 paid for wire transfers.
Coinbase Integrates Lightning Network
Coinbase’s Lightning Network integration was spearheaded by Lightspark, a lightning infrastructure provider led by David Marcus, the co-founder of payments giant PayPal. The crypto exchange entered a partnership with Lightspark earlier this month when it announced plans to move forward with the Lightning integration.
The high cost and delay of traditional payment systems propelled Coinbase’s plans to enhance its blockchain payment offerings. The firm revealed that U.S. consumers spent roughly $75 billion on credit card transaction fees in 2022, and worse st
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