CoinCorner becomes the first Bitcoin exchange in the UK to add support for Lightning Network, joining among the likes of 5 other cryptocurrency exchanges. Customers of the bitcoin exchange can now use the secondary network to deposit and withdraw bitcoin for cheaper and faster transactions. Lightning Network is a Layer 2 technology, built on top of Bitcoin’s blockchain technology. The scaling technology uses micropayment channels to conduct faster, cheaper, and efficient transactions.
Bitcoin users usually have to wait on their confirmations to be able to send and receive Bitcoin coupled with higher withdrawal fees.
Lightning Network offers a remedy to the current slow and pricier situation of Bitcoin networks. The scaling technology is built on top of Bitcoin’s core technology for facilitating faster and cheaper transactions.
CEO of CoinCorner, Danny Scott, tells CoinDesk publication:
Besides CoinCorner, Bitfinex and River Financial are the other popular crypto exchanges that have integrated Lightning Network in their platforms.
Both Lightning Network as well as the on-chain deposits will be shown as the same balance for CoinCorner users. Currently, the Lightning network is only available for the CoinCorner portal, although a mobile version will roll out soon.
Bitcoin Lightning Network was initially launched in 2018. The network went through a number of upgrades throughout 2019 and 2020. Significant upgrades include adding multi-part (aka multi-path) payments and wumbo channels changing the way how the network sends payments and how much bitcoin can be sent through the network.
Over the year, the Lightning Network has increased by nearly two times. As per data from Bitcoin Visuals, the number of public bitcoin nodes connected to the Lightning Network has roughly 8,300 nodes.