Coinbase finally adopts Bitcoin Lightning network
The Chief executive of Coinbase, Brian Armstrong recently announced the American-based crypto exchange is now integrating the Bitcoin Lightning network. The Nasdaq-listed cryptocurrency exchange has chosen Lightspark, a provider of lightning network-based payment infrastructure, in aiding the integration of Bitcoin Lightning Network, according to a statement released on April 3.
Some people in the crypto community in the past have questioned Coinbase more over the past year about why it hasn’t implemented the scaling solution, particularly since significant competitors like Binance have done so.
Coinbase will use the Lightspark’s remote-key signing mechanism as part of this agreement. This would enable Lightspark to oversee the Lightning node infrastructure while Coinbase would maintain control of the Lightning signing keys. This shared responsibility model relieves Coinbase’s team of the difficulty in overseeing a large-scale implementation.
Lightspark has demonstrated significant progress in streamlining the management of Lightning nodes. Its development tools, SDKs, and APIs all provide easy connectivity with the Lightning Network. Additionally, to amplify transaction success rates, the exchange’s AI-powered smart engine, Lightspark Predict, will optimize liquidity requirements in real time.
Coinbase gains some benefits from the connection, including the ability to utilize Lightspark’s node infrastructure while freeing up staff members to concentrate on customer-focused projects.
Furthermore, by improving scalability and transaction efficiency, the partnership will benefit the Bitcoin network, especially during periods of higher transaction fees. Additionally, by giving the Bitcoin network liquidity, it establishes the foundation for potential future use cases.
“We’re excited to partner with Lightspark to eliminate payment barriers and enable faster and cheaper Bitcoin transactions through support for the Bitcoin Lightning Network,” stated Shan Aggarwal, Vice President of Corporate & Business Development at Coinbase.
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