LARGEST US CRYPTO EXCHANGE COINBASE TO INTEGRATE THE BITCOIN LIGHTNING NETWORK
The biggest cryptocurrency exchange in the US, Coinbase, has chosen Lightspark, helmed by CEO and former PayPal president David Marcus, to incorporate the Bitcoin Lightning Network into its platform. Customers of Coinbase will be able to do quick and affordable bitcoin transactions thanks to this connection.
Vice President of Corporate & Business Development Shan Aggarwal stated, “Coinbase is committed to making the global financial system faster and more efficient.” “We’re thrilled to work with Lightspark to support the Bitcoin Lightning Network in order to remove payment barriers and enable faster and more affordable Bitcoin transactions.”
For almost two years, Lightspark has been working to establish its platform as a top Lightning Network entry point, meeting the demands of institutional clients looking for dependable and effective Bitcoin transaction solutions. Lightspark’s advanced tools and services, including SDKs, APIs, and developer tools, are integrated with Coinbase to streamline the implementation and management of Lightning nodes.
Lightspark’s version of remote-key signing, in which Lightspark hosts the Lightning node and Coinbase retains the Lightning signing keys, is a crucial component of the integration. By ensuring scalability, stability, and node infrastructure optimization, this configuration seeks to free Coinbase from the burden of overseeing a massive Lightning implementation so that it may concentrate on providing outstanding user experiences.
“Getting to know David and the entire Lightspark team was a pleasure,” Viktor Bunin, a Coinbase Protocol Specialist, stated. “They’ve built great tech, are great to work with, and we’re excited to partner with them to launch Lightning support soon™.”
Nearly a year has passed since Coinbase CEO Brian Armstrong made the commitment to integrate the Lightning Network onto the exchange, and now there has been an official announcement. The timing of the integration is ideal, given the growing need for quick Bitcoin transactions in the face of growing transaction costs and prices. Coinbase now offers its users access to affordable and effective Bitcoin transactions to assist further boost scalability. Coinbase now handles a significant $154 billion in quarterly volume transacted across its platform.