Hong Kong based digital assets exchange, Bitfinex, today announced that it has integrated the Lightning Network into the platform’s infrastructure. The Ifinex subsidiary is the first major cryptographic asset exchange to add Lightning Network Support support. The addition of LN support to the platform enables its users to make high-speed, low cost Bitcoin transactions.
The announcement, which the trading platform has been teasing for days, came on Tuesday, the 3rd of Dec, in the form of a follow up blog post, an email blast, and social media posts. Bitfinex even stated that it has set up its very own lightning node that customers can take advantage of.
“The Lightning Network contains nodes that act as open payment channels for Bitcoins to be sent and received. The Bitfinex platform is running its own Lightning Network node, which you can connect to and open a payment channel with us here: https://ln.bitfinex.com/” – excerpt from Bitfinex blog post
⚡The Bitfinex Lightning Network integration is officially live!
You can now deposit and withdraw Bitcoin on Bitfinex via the Lightning Network.
— Bitfinex (@bitfinex) December 3, 2019
The company stated its reasoning behind the decision to employ the Lightning Network for Bitcoin transactions (including deposits and withdrawals).
“We believe that the Lightning Network will help overcome Bitcoin’s scalability issues and bring it to a more significant number of people. What’s more, we’re confident that it could even become Bitcoin’s peer-to-peer payment layer in the foreseeable future.” – stated the firm
“Bitfinex is very keen to take part and join the existing developer and commerce activities on the Lightning network.” – they continued
The announcement marks the second set of positively charged news regarding the payment layer, this week, following a run of controversies. The move by Bitfinex may be a boon for LN, in terms of adoption, given the exchange’s high trading g volumes.
“In Bitfinex, we think that it [the Lightning Network] can be the game-changer of our industry since it enables P2P micro-payments with small fees and high throughput. Its P2P nature carries the unstoppable force of bitcoin. Still, it requires more awareness, understanding, and adoption from the larger crypto community. A major exchange supporting it will speed up this adoption process.” Bitfinex CEO, Paolo Ardoino to crypto publication, The Block.
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