In a leap towards improved crypto transaction efficiency, Coinbase CEO, Brian Armstrong, recently declared the firm’s plan to incorporate the Bitcoin Lightning Network into its operations. Renowned for facilitating quicker and more affordable transactions, this technology has already been adopted by notable exchange platforms such as Binance, Bitstamp, Kraken, and OKX, further accentuating the increasing crypto market competition.
Armstrong conveyed his excitement at this transformational move on X (previously Twitter), advocating for patience from the company’s stakeholders during the integration period. Despite being the principal asset in the cryptoverse, Armstrong’s non-adoption of this technology earlier led to substantial criticism, with well-known Bitcoin enthusiast Jack Dorsey adding fuel to the fire questioning why Coinbase persistently ignored Bitcoin and Lightning Network in the past.
In light of this, Armstrong reiterated his dedication to implementing this technology while appealing for Dorsey’s and the community’s support. As a second-layer solution for Bitcoin, this network enhances transaction speeds, enabling older technologies to compete with the newer, more efficient solutions.
Notably, Binance, a leading crypto exchange platform by volume, integrated the Lightning Network solution into its operation mechanism on July 17; this permitted participants to use this network for their deposits or withdrawals.
Despite enjoying a prominent market share within the US, Coinbase has global expansion aspirations, with the notable target being competitors like Binance in the international markets. The company announced its ambitious Phase II international expansion venture, ‘Phase Go Broad, Go Deep,’ last week. The strategy involves acquiring legal clearance from jurisdictions across the European Union, Canada, the UK, Brazil, and more. The company’s executives disclosed the exchange’s final stage of deciding a MiCA hub after the EU approved this landmark legislation.
While maintaining their focus on expansion initiatives, Coinbase’s incorporation of the Lightning Network would undoubtedly lend an edge over competitors and hopefully position them at par with firms that have previously implemented this solution. Furthermore, the company’s dedication to ensuring swift transaction processes remains firm, with emphasis on constructing solutions synonymous with the Coinbase Wallet and collaborating with banks and payment providers to elevate user experience.
Source: Cryptonews
