According to a statement, owners of Bitcoin (BTC) can now use the Lightning Network to deposit their assets to Binance, a cryptocurrency exchange.After announcing last month that it has built up Lightning Network nodes, Binance has now finished the integration process.The base charge on lightning is $0.04, whereas ordinary bitcoin deposits climbed to as high as $30 in May, according to ycharts. Depositing bitcoin via Lightning is also quicker and less expensive than doing so on the main blockchain.Additionally, settlement times for transactions are under a minute, while confirmation times for typical bitcoin transactions are around ten minutes.
The Lightning Network, sometimes known as “Bitcoin’s second layer,” was created in 2016 to reduce network congestion and speed up transaction times.According to 1ml data, the network presently has a $147 million capacity with 69,395 payment channels.With Coinbase (COIN) CEO Brian Armstrong recently indicating that his exchange will also implement the scaling solution in the future, Binance joins exchanges like Bitfinex and Kraken in allowing Lightning Network deposits.