Coinbase Explores Bitcoin Lighting Network
Brian Armstrong, CEO of Coinbase, has officially affirmed that the crypto exchange is “looking into” implementing the Bitcoin Lighting network to facilitate global crypto payments adoption.
On July 28, Armstrong took to Twitter (rebranded to X) to emphasize the potential of cryptocurrencies to revolutionize global payments systems. He suggested:
The idea of global crypto payments was met with skepticism from Bitcoin (BTC) supporters, such as MicroStrategy founder Michael Saylor and Square CEO Jack Dorsey, as Armstrong’s post failed to mention Bitcoin:
The Lightning Network is a second layer solution that enables users to create off-chain transaction channels and make Bitcoin transactions faster and cheaper. Saylor suggested Coinbase integrate Bitcoin Lightning, while Dorsey asked, “what ‘crypto’ is a better money transmission protocol (than Bitcoin) and why?” After five days of silence, Armstrong responded to Dorsey, saying:
Crypto Adoption on the Rise
Coinbase CEO Brian Armstrong and Twitter CEO Jack Dorsey recently had an open discussion about the potential of Bitcoin and the Lightning Network. Armstrong confirmed that Coinbase was looking into adding support for Bitcoin Lightning and assured its commitment to Bitcoin payments. Dorsey praised Coinbase’s role in promoting Bitcoin adoption, and agreed to join forces with Armstrong to further invest in Bitcoin and layer-2 technologies.
The two crypto entrepreneurs concluded their conversation by agreeing to work together. On July 17, Binance completed their integration of the Bitcoin Lightning Network, a process which began just one month prior. Binance joins Bitfinex, River Financial, OKX, Kraken, CoinCorner, and other prominent exchanges in embracing the Lightning Network.
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