Coinbase's Lightning Network integration enables a faster and cheaper way for its users to send, receive or pay with bitcoin.
Coinbase, the largest U.S. crypto exchange by trading volume, is rolling out support for the Lightning Network from today, enabling a faster and cheaper way for its users to send, receive or pay with bitcoin directly from their account.
“Growing Bitcoin adoption increases economic freedom in the world. I’m thrilled that our Lightning integration is live to make Bitcoin more useful and accessible worldwide,” Coinbase’s protocol specialist and Lightning integration lead Viktor Bunin told The Block. “Offering faster and cheaper BTC payments through our partnership with Lightspark is another huge milestone for the ecosystem.”
“A conservative limit was selected because although Lightning can support arbitrarily large BTC sends, the average success rate of payments declines as the size of the payment increases,” Bunin said. “Setting a lower limit at launch will improve our users’ experience and can be adjusted based on user feedback and as liquidity on the network increases.”
The selection of Lightspark as Coinbase’s integration partner was announced on April 3, with Marcus calling it another “significant milestone” for Lightning at the time. “While we don’t know how many users will use Lightning to send BTC, we’re excited by the traction we’ve seen for Layer 2s in other ecosystems,” Bunin continued. On Ethereum, around 35% of ETH sends were made via Layer 2 protocols like the Coinbase-incubated Base network, he said, adding, “usage, adoption, and traction of Layer 2s on Bitcoin and Ethereum are obviously very different, but we generally expect Layer 2 usage to increase over time as users seek out cheaper and faster transactions.
When asked why Coinbase had taken longer to integrate the Lightning Network than many of its rivals, Bunin said it was about evaluating the Layer 2’s growth and adoption before implementing support.
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