Binance, one of the largest Bitcoin and cryptocurrency exchanges in the world, has recently integrated the Lightning Network for faster and more streamlined Bitcoin transactions.
As of today, the platform allows its users to deposit and withdraw Bitcoin via the Lightning Network.
Through the utilization of the Lightning Network, Binance strives to overcome the scalability hurdles tied to the Bitcoin network, enabling users to enjoy faster and more affordable transactions.
Previously, Binance grappled with issues in high fee environments, a problem most recently highlighted during a surge in Bitcoin transaction fees.
Thanks to Lightning integration, Binance customers may now utilize Lightning's off-chain payment channels to conduct Bitcoin transactions with lower fees and quicker settlement periods.
This development coincides with the Lightning Network becoming increasingly common on other exchange platforms, turning it into a de facto expectation for swift and uncomplicated Bitcoin transactions.
A week ago, Coinfinity, a European exchange, also added the Lightning Network for their platform, indicating plans for deeper integration in the future.
Binance offers an FAQ section to help users understand how to deposit Bitcoin using the Lightning Network.