Coinbase CEO Brian Armstrong said the largest US-based crypto exchange is aiming to address scalability issues. Bitcoin Adds support for Lightning Network, a layer-2 scaling solution for (BTC) told.
Armstrong said in a statement that Coinbase is working to add Lightning given Bitcoin’s prominence and importance in the digital asset space.
We decided to integrate Lightning. Bitcoin is the most important asset in crypto and we are excited to do our part to enable faster/cheaper Bitcoin transactions. Integration will take some time, so please be patient.
Coinbase had previously issued a statement saying Lightning could revolutionize payment systems and disrupt the $150 billion industry currently dominated by Visa and Mastercard.
Lightning has the potential to replace existing payment processors for fiat transactions without the consumer knowing that BTC is being used as the underlying payment layer.
Visa and Mastercard are the world’s dominant payment processing networks. They generated $24 billion in revenue in 2021 by collecting a 2-3% transaction fee every time someone swipes their debit or credit card. Payment processors leveraging the Lightning Network could undermine this.
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Koinfinans.com As we reported, Armstrong, coinbase‘s interest in integrating Lightning had already been announced last month. In response, Square CEO Jack Dorsey said he was willing to work with the exchange on creating a Bitcoin payment system.
It would be great if you devoted more of your resources to focusing on Bitcoin and layer-2 technologies, and we would be happy to partner.