Cryptocurrency exchange Binance has announced it has successfully integrated Bitcoin (BTC) on the Lightning Network, enabling the use of the layer-2 scaling solution for Bitcoin withdrawals and deposits.
Binance confirmed the news in a July 17 blog post, where they explained that Binance users can now access their BTC deposit address on the Lightning Network.
More details here https://t.co/aIofPdtAGY
— Binance (@binance) July 17, 2023
Binance first hinted at the integration of the Lightning Network in May after it had to temporarily pause BTC withdrawals due to a mass of pending transactions caused by the surge of Ordinals inscriptions.
Binance later confirmed it is working to onboard the Lightning Network on June 20 shortly after users spotted Binance’s own Lightning nodes.
Related: What is the Bitcoin Lightning Network, and how does it work?
The Lightning Network aims to make Bitcoin transactions faster and cheaper by allowing users to create off-chain transaction channels.
— crypto (@positivebitcoin) July 17, 2023
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This is a developing story, and further information will be added as it becomes available.