It’s a win for the Lightning Network as Coinbase CEO, Brian Armstrong- a profound supporter of Bitcoin and its blockchain technology, confirms plans to integrate this blockchain into their services. This marks one of the most significant endorsements for this Bitcoin-based payment network, which promises expedited transaction processes.
Armstrong’s comments confirm weeks of speculation dating back to August when whispers of Lightning support investigations were afoot at Coinbase, a leading cryptocurrency exchange. Who better to quell the rumors than Armstrong himself as he confirmed in a recent post on X (formerly Twitter) that, indeed, Coinbase has made the decision to “integrate Lightning.”
This leap of faith by Coinbase adds more weight to Armstrong’s declaration that Bitcoin is “the most important asset in crypto.” He has previously expressed his absolute support for payments in Bitcoin. However, the integration process is not as swift as Lightning promised in transaction times. It will require intricate work from Armstrong’s team, which will certainly not happen overnight.
Supporters of the Lightning Network, a layer-2 blockchain associated with the Bitcoin blockchain, believe it’s this offloading function that holds the key to making Bitcoin a common payment method. By making transactions faster and cheaper, it appeases the current gripe of many crypto users – sluggish transaction speed. Notably, it’s this appeal of the Lightning Network, dubbed as “Bitcoin’s Payment layer,” that has approving nods from crypto big wigs such as Cathie Wood, the head of ARK Invest, Coinbase’s second-largest shareholder.
After Armstrong’s announcement, the crypto market reciprocated positively as Coinbase’s stocks rose by 1.4%. But while the cheerleaders are celebrating this step, there are those who view this integration with an air of scepticism. After all, will Lightning really be the solution to transaction speed that has been a sharp thorn for Bitcoin? As Coinbase delves into this integration phase, this remains to be seen. For now, it’s a welcome move that brings with it an air of anticipation and animation into the crypto world. As Wood succinctly puts it, “Hats off to Coinbase!”
Source: Coindesk
