The man behind the largest cryptocurrency exchange on the planet, Changpeng Zhao, has praised his company for integrating the Bitcoin Lightning Network with its online trading platform. Binance quickly announced earlier that it was preparing to provide deposits and withdrawals via the Bitcoin Lightning Community.
CZ instantly informed his followers about the most recent rise of Binance on Twitter earlier. According to a recent tweet from Binance, the Bitcoin Lightning Community has been trying to come together. Full integration is allegedly still not complete because there is still a tone of technical work to be done on the community. We continue to build, but slowly, Zhao said.
Some of Binance’s users may have recently become aware of the cryptocurrency exchange’s new lightning nodes. Binance reaffirmed that the nodes were unquestionably theirs and will swiftly be fully integrated into the lightning community. The crypto community on Twitter correctly received the information.
A second-layer technology based on the blockchain for Bitcoin is the Bitcoin Lightning Network. The usage of off-chain fee channels is intended to increase the efficiency, speed, and scalability of Bitcoin transactions. The technology enables a larger number of transactions while lowering transaction costs and validation times.
The most recent growth occurs more than a month after Binance abruptly stopped accepting BTC withdrawals due to traffic on its fee channels. A significant number of outstanding withdrawal transactions led the cryptocurrency market to make the contentious decision. The withdrawal points were attributed to the increase in fuel prices.
Binance changed their fees on the spot to deal with the traffic. The cryptocurrency exchange also informed its users that its team was working to enable BTC Lightning Community withdrawals in order to help with such circumstances.