Binance enables Bitcoin deposits and withdrawals on Lightning Network

Binance has completed the integration of Bitcoin on the layer-2 protocol Lightning Network to enable faster BTC deposits and withdrawals for its clients.
Dot
July 17, 2023
Ayush Pande

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

TABLE OF CONTENTS
Changpeng Zhao; Photo Source: Web Summit/Binance (Youtube)
As noted by Binance, “By enabling most transactions to be processed off-chain, the Bitcoin Lightning Network alleviates congestion on the Bitcoin blockchain, allowing for a higher number of transactions per second.”

Crypto exchange Binance has completed the integration of Bitcoin (BTC) on the layer-2 protocol Lightning Network to enable faster Bitcoin deposits and withdrawals for its clients.

Earlier in May, Binance suspended Bitcoin transactions on two separate occasions due to network congestion caused by the sudden demand for Bitcoin Ordinals.  A few days later, the exchange announced its plans to add support for the Bitcoin Lightning Network to prevent such issues in the future. 

In a recent blog post, Binance claimed that using Bitcoin Lightning Network will allow users to settle transactions instantly at much lower gas rates. It added, 

“Transactions on the Bitcoin Lightning Network typically have significantly lower fees compared to Bitcoin network transactions. This makes microtransactions economically viable.”

Binance clients who wish to use this feature will have to pick BTC-Lightning as the network every time they deposit or withdraw Bitcoin assets.  



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


Besides Binance, several other crypto exchanges, including Kraken, OKX, and Bitfinex, have integrated support for Bitcoin Lightning Network. Similarly, Coinbase CEO Brian Armstrong, earlier announced his plans to integrate the Lightning Network on the exchange. However, Armstrong has yet to reveal a roadmap detailing when exactly the exchange will allow users to carry out BTC transactions via the layer-2 protocol.

Written by
Author's profile picture

Ayush Pande

Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.

Connect with Ayush on LinkedIn

Binance enables Bitcoin deposits and withdrawals on Lightning Network

HomeCrypto exchanges
Contents
Changpeng Zhao; Photo Source: Web Summit/Binance (Youtube)
As noted by Binance, “By enabling most transactions to be processed off-chain, the Bitcoin Lightning Network alleviates congestion on the Bitcoin blockchain, allowing for a higher number of transactions per second.”

Crypto exchange Binance has completed the integration of Bitcoin (BTC) on the layer-2 protocol Lightning Network to enable faster Bitcoin deposits and withdrawals for its clients.

Earlier in May, Binance suspended Bitcoin transactions on two separate occasions due to network congestion caused by the sudden demand for Bitcoin Ordinals.  A few days later, the exchange announced its plans to add support for the Bitcoin Lightning Network to prevent such issues in the future. 

In a recent blog post, Binance claimed that using Bitcoin Lightning Network will allow users to settle transactions instantly at much lower gas rates. It added, 

“Transactions on the Bitcoin Lightning Network typically have significantly lower fees compared to Bitcoin network transactions. This makes microtransactions economically viable.”

Binance clients who wish to use this feature will have to pick BTC-Lightning as the network every time they deposit or withdraw Bitcoin assets.  



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


Besides Binance, several other crypto exchanges, including Kraken, OKX, and Bitfinex, have integrated support for Bitcoin Lightning Network. Similarly, Coinbase CEO Brian Armstrong, earlier announced his plans to integrate the Lightning Network on the exchange. However, Armstrong has yet to reveal a roadmap detailing when exactly the exchange will allow users to carry out BTC transactions via the layer-2 protocol.

Written by
Author's profile picture

Ayush Pande

Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.

Connect with Ayush on LinkedIn
Ayush Pande

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

As noted by Binance, “By enabling most transactions to be processed off-chain, the Bitcoin Lightning Network alleviates congestion on the Bitcoin blockchain, allowing for a higher number of transactions per second.”

Crypto exchange Binance has completed the integration of Bitcoin (BTC) on the layer-2 protocol Lightning Network to enable faster Bitcoin deposits and withdrawals for its clients.

Earlier in May, Binance suspended Bitcoin transactions on two separate occasions due to network congestion caused by the sudden demand for Bitcoin Ordinals.  A few days later, the exchange announced its plans to add support for the Bitcoin Lightning Network to prevent such issues in the future. 

In a recent blog post, Binance claimed that using Bitcoin Lightning Network will allow users to settle transactions instantly at much lower gas rates. It added, 

“Transactions on the Bitcoin Lightning Network typically have significantly lower fees compared to Bitcoin network transactions. This makes microtransactions economically viable.”

Binance clients who wish to use this feature will have to pick BTC-Lightning as the network every time they deposit or withdraw Bitcoin assets.  



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


Besides Binance, several other crypto exchanges, including Kraken, OKX, and Bitfinex, have integrated support for Bitcoin Lightning Network. Similarly, Coinbase CEO Brian Armstrong, earlier announced his plans to integrate the Lightning Network on the exchange. However, Armstrong has yet to reveal a roadmap detailing when exactly the exchange will allow users to carry out BTC transactions via the layer-2 protocol.

Written by
Author's profile picture

Ayush Pande

Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.

Connect with Ayush on LinkedIn
Written by
Ayush Pande