Leading crypto exchange Coinbase is integrating the Bitcoin Lightning Network. The exchange commissioned Lightspark to achieve this feat. The integration marks the end of a months-long effort to integrate the network.
Coinbase integrates Bitcoin Lightning Network
US crypto exchange Coinbase has formed a partnership with open source protocol Lightspark. In this context, Bitcoin Lightning Network will offer its Layer-2 solution to customers in its ecosystem. This strategic partnership will provide Coinbase users with near-instant and cheaper Bitcoin transactions in the long term.
Its developers designed the Bitcoin Lightning Network as a decentralized network that uses smart contract functionality on the Blockchain to facilitate fast and cheap transactions across a network of participants. In a report published by Lightspark, “Coinbase customers will benefit from instant and cheaper transfers. “In addition, this integration will pave the way for greater collaboration between companies in the months and years to come,” he said.
Why did Coinbase choose Lightspark?
Over time, Lightspark has positioned itself as “an enterprise-level entry point to the Lightning Network in the marketplace.” According to the company, its software and services are tailored to make it easy for even the most demanding organizations to get a ‘taste’ of the Lightning Network. Lightspark claims that developers in the Coinbase ecosystem can now build without worrying about the complexities involved in using a Lightning solution.
This is because most of the complexities involved in implementing and managing a Lightning node and sending/receiving transactions reliably have been overcome. Lightspark achieved this success by leveraging a variety of tools in its arsenal, including Lightspark SDKs, APIs, and even an AI-based tool called Lightspark Predict.
Coinbase finally finds the “best” Bitcoin Lightning Network provider
Jack Dorsey, former CEO of X, once gave an interesting reminder to Coinbase CEO Brian Armstrong. Dorsey asked Armstrong why the crypto exchange was ignoring the Bitcoin Lightning Network. In response, Armstrong said Coinbase was simply looking for the best approach to integrate its L2 solution. The latest development shows that the exchange has found this approach in Lightspark.
Shan Aggarwal, Coinbase’s VP of Corporate and Business Development, expressed his excitement about the integration. This integration is now ready to become a reality. Aggarwal explained that this development is a sign that the stock market is committed to improving the speed and efficiency of the global financial system. Coinbase will benefit from Lighspark’s scalable and fully optimized node infrastructure. Thus, it will provide a wide range of functionality through a simple and intuitive interface.
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