Coinbase adopts Bitcoin Lightning Network to speed up transaction processing

Coinbase joins the ranks of prominent cryptocurrency exchanges such as Binance that have integrated the solution.

US cryptocurrency exchange Coinbase has finally begun integrating the Bitcoin Lightning Network, after the exchange’s CEO Brian Armstrong repeatedly promised to do so.

Lightspark, a provider of Lightning Network-based payment infrastructure, announced that it has been selected by a cryptocurrency exchange to facilitate the integration of the Bitcoin Lightning Network. This will help accelerate the integration of the Bitcoin Lightning Network to achieve faster popularization of the Lightning Network.

Under this collaboration, Coinbase will leverage Lightspark’s remote key signing implementation. This would allow Coinbase to retain control but not Lightspark to retain control of the electronic signature keys. This shared responsibility model ensures efficient operations without burdening the Coinbase team with managing large-scale implementations. At the same time, this also ensures that the Coinbase team will not burden Lightspark with managing the network node infrastructure. This shared responsibility model ensures efficient operations without burdening the Coinbase team with managing large-scale implementations.

Lightspark has achieved significant success in simplifying Lightning node management. Its products, including SDKs, APIs and development tools, provide solutions that integrate seamlessly with the Lightning Network. In addition, its artificial intelligence-based intelligent engine Lightspark Predict can optimize liquidity needs in real time to improve transaction success rates.

Benefits of Lightning Integration

Coinbase is an electronic network exchange that leverages key technologies from Lightspark in its design process to accommodate the exchange's allowed transactions while freeing up its team's energy. They focus on customer-centric initiatives.

In addition, this collaboration will have a great impact on the Bitcoin network, especially by improving scalability and transaction efficiency as transaction fees increase. It also sets the stage for future use cases by providing liquidity to the Bitcoin network.

Shan, Vice President of Corporate and Business Development at Coinbase Aggarwal said: “We are excited to work with Lightspark to remove payment barriers and enable faster and cheaper Bitcoin transactions by supporting the Bitcoin Lightning Network.”

Over the past year, Coinbase has been questioned by members of the crypto community for its failure to integrate scaling solutions, especially after major competitors like Binance integrated the technology. In response, Armstrong promised that Coinbase would also integrate the Lightning Network and revealed the company’s efforts.

The integration is crucial for BTC given the rising demand for streamlined transaction processing amid a surge in Bitcoin prices.

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