Binance integrates the Lightning network to send and receive bitcoin

Binance New Crypto Card
Key facts:
  • Binance has its own Lightning node, with a capacity of 30 BTC.
  • Lightning allows for cheaper and faster payments outside of the main chain.

The Binance cryptocurrency exchange has already integrated the Lightning network, Bitcoin’s second layer for instant fund transfers, and the option is available to its users.

The exchange itself confirmed the news. “Bitcoin (BTC) deposits and withdrawals are now open on the Lightning Network,” the statement highlights.

In this way, Binance fulfills a promise it had made at the beginning of May, by ensuring that it would integrate support for the Lightning network in the short term. At that time, the commissions of the Bitcoin network were at very high levels due to the congestion caused by the transactions linked to the Ordinals protocol.

The exchange even has its own Lightning network node, which some users spotted in June, as the Market Times reported. At the time, Binance confirmed a capacity of 15 bitcoins (BTC) on its node, although now the figure is higher, thanks to open channels with other exchanges such as Kraken, Bitfinex, and OKX. In total, it reaches 30 BTC spread over 5 payment channels.

The integration of Lightning by Binance was a long-awaited possibility for users of the exchange for a long time. This second layer of Bitcoin emerged approximately five years ago and, as explained by our reporters, the educational section of Market Times, allows bitcoins to be sent instantly and more cheaply using payment channels between nodes.