Coinbase Embraces Lightning: Turbocharging Bitcoin Transactions with CEO's Seal of Approval
In a significant revelation, Brian Armstrong, CEO of Coinbase, lauds BTC as the linchpin of the cryptocurrency domain. He emphatically states that the platform is set to embrace the Lightning Network, a watershed moment for blockchain technology. This integration is poised to elevate Bitcoin's practicality as a payment method by substantially accelerating transaction speeds.
Coinbase had initially expressed interest in exploring Lightning support back in August. On Wednesday, Armstrong confirmed through X (formerly Twitter) that the evaluation process had been concluded, and Coinbase had opted for a comprehensive implementation of Lightning.
The team did a great job digging into this, and we've made the decision to integrate Lightning. Bitcoin is the most important asset in crypto and we're excited to do our part to enable faster/cheaper Bitcoin transactions. Will take some time to integrate so please be patient. https://t.co/FneeXkLI25— Brian Armstrong ????️ (@brian_armstrong) September 13, 2023
Armstrong also seized the opportunity to commend Bitcoin's preeminence, bestowing upon it the title of "the most pivotal asset in the realm of crypto." His prior expressions of enthusiasm for the broadening scope of Bitcoin payments during the Lightning review in August resonate with this sentiment.
The Lightning Network functions as a second-layer blockchain complementing the primary Bitcoin blockchain. It provides a more streamlined and markedly expeditious avenue for processing Bitcoin transactions. This development is critical for Bitcoin to potentially establish itself as a universally embraced mode of payment.
Cathie Wood, the head of ARK Invest and the second-largest shareholder in Coinbase, responded to Armstrong's declaration on Wednesday, emphasizing, "Bitcoin constitutes the global digital monetary system, and Lightning serves as Bitcoin’s payments infrastructure. The integration of Lightning with Coinbase will furnish its 100 million users with a ramp to swifter and more cost-effective bitcoin transactions. Kudos to Coinbase!"
In the wake of this announcement, Coinbase's stock experienced a 1.4% surge. Armstrong clarified that while his team is diligently working on the Lightning integration, it will necessitate a certain amount of time before it is fully realized.