Armstrong on the Bitcoin Lightning Network
Brian Armstrong, CEO of the San Francisco-based cryptocurrency exchange, reiterated his stance on the integration in a tweet dated August 2 in response to former Twitter CEO Jack Dorsey's comment in which he raised a pressing question regarding Coinbase's apparent disregard for Lightning Network integration.
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Armstrong acknowledged the significance of the scalability solution but emphasized the complexity of its implementation, describing the process as "not trivial" but "worth doing." He reassured Dorsey that Coinbase is actively investigating the optimal way to incorporate Lightning, recognizing the potential for Bitcoin payments to flourish.
"We are investigating the optimal way to integrate Lightning. It is not easy, but I believe it is worthwhile. I am all for Bitcoin payments taking off. "I'm not sure why you think we're ignoring Bitcoin; we've probably onboarded more people to Bitcoin than any other company."
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Armstrong has previously been criticized online for "ignoring" the Lightning Network. Despite being receptive to the technology, the executive refrained from disclosing specifics about the potential integration of LN with Coinbase or providing an estimated implementation timeline.
Accelerated Network Adoption
Last month, Binance announced the effective incorporation of Bitcoin on the Lightning Network, providing users with an additional deposit option of "BTC-Lightning" in addition to Bitcoin, BEP20, SegWit, and others.
In May, the creation of memecoins on Bitcoin in the form of a new token standard on the network – BRC-20 tokens – caused an explosion in transaction fees, prompting Binance to momentarily suspend BTC withdrawals.
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Several prominent platforms, such as Bitfinex, Kraken, and OKX, have implemented the scaling solution in recent years.
Earlier this year, the Lightning Network's capacity momentarily surpassed 5,000 BTC as it continued to acquire traction in emerging markets such as South America and Africa.
