On July 17, Binance, a go-to cryptocurrency exchange, successfully integrated the Bitcoin Lightning Network into its platform. The exchange has expanded its scope of supported networks, in addition to other popular options such as BNB Smart Chain (BEP-20), Bitcoin, BNB Beacon Chain (BEP2), BTC(SegWit), and Ethereum (ERC20).
Binance Adopts Lightning Network
Upon the integration, Binance users can now deposit and withdraw Bitcoin using the layer-2 solution.
“Binance has completed the integration of Bitcoin (BTC) on the Lightning Network. Deposits and withdrawals for Bitcoin (BTC) are now open on the Lightning Network,” the exchange stated in today’s announcement.
The adoption of the Lightning Network was first revealed in May following a second halt in withdrawals on the exchange due to a Bitcoin fee spike that led to massive pending transactions. At the time, Binance said the team was working on “enabling the BTC Lightning Network withdrawals” to address the issue.
Last month, Binance’s Lightning nodes were discovered by users, and the exchange quickly confirmed the developments. The exchange also noted the full integration was only completed once additional technical tasks were fulfilled.
The Lightning Network aims to make Bitcoin transactions faster and more efficient, an integral solution to scale the ecosystem.
With its capacity to handle up to a million transactions within one second, the Lightning Network has attracted the growing adoption of exchange giants, including OKX, Bitfinex, Kraken, River Financial, and CoinCorner. Coinbase is reportedly eyeing the Lightning Network but the leading exchange has provided no further details regarding the integration.
The scaling solution is also a pick of high-profile figures like MicroStrategy. The company’s CEO, Michael Saylor, announced the integration of the Bitcoin Lightning Network into the corporate email system.
Like Changpeng Zhao (CZ), Binance CEO Michael Saylor is a longstanding Bitcoin supporter. The two figures have constantly demonstrated their commitment to the flagship cryptocurrency.
Binance Thrives in FUDs
In addition to the Bitcoin Lightning Network, Binance recently rolled out a new feature that aims to benefit Airdrop enthusiasts. According to today’s announcement, Binance’s new feature allows users to receive multiple deposit addresses for the same network.
For Airdrop hunters, this means they can now have several wallets depositing tokens on the same network, making it easier to avoid Sybil checks, especially for those participating in Airdrops on a large scale.
Starting with the Ethereum network (ERC20) and Ethereum alternative networks like Arbitrum One and BNB Smart Chain, users can create multiple deposit addresses. And that’s not all – Binance has plans to extend this support to other blockchains in the future.
For now, users can enjoy up to 20 deposit addresses per network. Binance will keep a close eye on this feature and decide whether to adjust the number of deposit addresses in the future. The newly launched product is also Binance’s response to user feedback.
The continued improvements and developments are Binance’s ongoing efforts to overcome the upheaval period, showcasing its commitment to enhancing the user experience and catering to the specific needs of the crypto community.
The exchange faces an intense legal battle with the U.S. securities agency and negative news about the recent layoffs that sparks speculations on the company’s future.
Last week, Wall Street Journal stated that the crypto exchange had undergone significant downsizing in its workforce. According to an insider, the number of employees laid off in the past weeks reached the 1,000 mark, possibly accounting for up to a third of Binance’s global workforce.
The news was further corroborated by CNBC. The news agency suggested that the exact figure could be as high as 3,000. However, CZ outlined that the number provided by media outlets was inaccurate, stating that the company was still hiring.