Popular cryptocurrency exchange Binance has announced the completion of the integration process of the Bitcoin Lightning Network on its platform for the deposits and withdrawals of Bitcoin (BTC) in a blog post on July 17th.

In the announcement, Binance noted that cryptocurrency traders on its platform are now enabled to utilize the layer-2 scaling solution for BTC deposits and withdrawals. Now, they may be able to choose the “LIGHTNING” option which has been added to the drop-down list of BSC, BTC, BNB, SEGWITBTC and ETH.

Amidst the recent flood of pending transactions caused by “the recent surge in BTC network gas fees” which swarmed Binance in May, the crypto exchange initially foreshadowed the imminent integration of the Lightning Network.

The sharp growth in gas fees can be mainly attributed to the rise of memecoins on Bitcoin in the form of BRC-20 tokens; a new token standard on the Bitcoin network.

On June 20th, Binance confirmed that the Lightning Network is undergoing development and in less than a month, the platform solution has been fully-integrated into the exchange’s interface.

Binance is not the first to integrate the Bitcoin Lightning Network, as it followed suit of Bitfinex, River Financial, OKX, Kraken and CoinCorner which embraced this scaling solution.

Sources:

https://cointelegraph.com/news/binance-integration-bitcoin-btc-lightning-network

https://www.coindesk.com/tech/2023/07/17/lightning-network-bitcoin-deposits-now-live-on-binance/

https://beincrypto.com/binance-lightning-network-bitcoin-layer-2-transactions/