Binance Completes Integration of Bitcoin on Lightning Network, Opens Deposits and Withdrawals

Binance announced it has completed the integration of Bitcoin on the Lightning Network. Deposits and withdrawals for Bitcoin are now open on the Lightning Network.

Last month, Binance announced it was working on Lightning Network integration. The Bitcoin Lightning Network is a second-layer protocol built on top of the Bitcoin blockchain that aims to solve the scalability and transaction speed issues inherent in the original Bitcoin network. It is designed to enable fast and cheap transactions between users without the need for on-chain transactions.

The Lightning Network works by creating a network of payment channels between users. These payment channels enable users to transact with each other off-chain, meaning that transactions can be processed almost instantly and with very low fees. Once a payment channel is established between two parties, they can conduct an unlimited number of transactions without the need to broadcast each transaction to the Bitcoin network.