Cryptocurrency exchange Coinbase is looking to provide its users with a wider range of cryptocurrency payment options and is considering integrating with the Bitcoin Lightning network.
The decision is part of Coinbase's broader plan to optimize cryptocurrency-based payments globally, according to the CoinDesk website.
"We’re looking into how to best add Lightning. It’s non-trivial, but I think it's worth doing. I’m all for payments taking off in Bitcoin," CEO Brian Armstrong said in response to a tweet from Jack Dorsey, founder of Block Inc.
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Lightning Network is an innovative technology designed to improve the bitcoin network. It enables fast transactions with low fees and can be used for micropayments. In addition, the Lightning Network can be used to create smart contracts as it can route payments through multiple channels, reducing the load on the blockchain.
As of August 2, the total amount of bitcoins locked for payments across all channels on the Lightning Network is 4,686.64 bitcoins.
Also read: Judge in SEC vs. Terraform Labs case disagrees with the ruling on Ripple.
