Crypto exchange Binance today said it had set up Lightning nodes on the Bitcoin network to eventually offer Lightning-based bitcoin deposit and withdrawal services to users. By shauryamalwa
“Binance is working to integrate the Bitcoin Lightning Network for deposits and withdrawals,” the exchange tweeted. “However, there's still more tech work to be done. We'll update once Lightning is fully integrated.”
The Lightning network is dubbed a “second layer” of the Bitcoin blockchain, which serves to speed up transaction times and decrease network congestion. It achieves this by setting up payment channels that conduct off-chain transactions between users with fees of a few cents.
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