On June 20, 2023, Binance, a cryptocurrency exchange, mentioned that it had entered the Bitcoin Lightning Network, stated Cointelegraph. This step is believed to be taken to add withdrawal and deposit systems.
“Binance is working to integrate the Bitcoin Lightning Network for deposits and withdrawals. Some eagle-eyed users spotted our new lightning nodes recently. Yes – that’s us! However, there’s still more tech work to be done. We’ll update once Lightning is fully integrated,” Binance tweeted.
As reported by Cointelegraph, Binance announced their ongoing initiatives to start BTC Lightning Network withdrawals. Supposedly, the increased blockage occurred due to the surge in BRC-20 transactions, due to the popularity of memecoins which also contributed to this incident.
Furthermore, the Lightning Network may help to increase the speed, scalability and privacy of Bitcoin exchange, eventually making microtransactions easier along with reducing fees and blockage on the main network, Cointelegraph concluded.
(With insights from Cointelegraph)