Coinbase customers would have a $2,000 withdrawal cap at launch.
Lightning Network aims to facilitate off-chain, near-instant, low-fee transactions.
Launching support for the Lightning Network today, crypto exchange Coinbase gives its customers a quicker and cheaper option to transfer, receive, or pay with bitcoin straight from their account.
In the past, Coinbase’s bitcoin transfers were handled on-chain, which meant that they may take anywhere from ten minutes to two hours and would incur significant fees when the network was busy.
Tackling Scalability Issues
Moreover, by implementing bidirectional payment channels, the Lightning Network—a Layer 2 protocol that sits atop the Bitcoin blockchain and was launched in 2017—aims to solve scalability problems by facilitating off-chain, near-instant, low-fee transactions that do not need quick settlement on the base layer.
Coinbase’s protocol specialist and Lightning integration lead Viktor Bunin stated:
“Growing Bitco
We współpracy z: https://thenewscrypto.com/coinbase-integrates-lightning-network-for-improved-bitcoin-transactions/
