Coinbase CEO Confirms Exchange Will Support Lightning, Which Dramatically Speeds Up Bitcoin Payments
Brian Armstrong, while announcing the decision, calls BTC “the most important asset in crypto.”
Sep 13, 2023 at 3:32 p.m. UTC
/arc-photo-coindesk/arc2-prod/public/LXF2COBSKBCNHNRE3WTK2BZ7GE.png)
Coinbase CEO Brian Armstrong says the crypto exchange will indeed add support for the Lightning Network, one of the biggest endorsements yet for the blockchain that makes bitcoin (BTC) a more realistic option for payments by dramatically speeding up transactions.
The company had said in early August that it was looking into Lightning support. On Wednesday, Armstrong said on X (formerly Twitter) that this review was over and Coinbase has “made the decision to integrate Lightning”
He also took the time to praise bitcoin, calling it “the most important asset in crypto.” Back in August, when discussing the Lightning review, he had said: “I’m all for payments taking off in Bitcoin.”
Lightning is a layer-2 blockchain associated with the Bitcoin blockchain. Bitcoin transactions can be offloaded there for more efficient – and much faster – processing, a prerequisite if BTC has a shot at eventually becoming a common method of payment.
“Bitcoin is the world’s digital monetary system, and Lightning is Bitcoin’s payments layer,” Cathie Wood, the head of Coinbase’s second-biggest shareholder, ARK Invest, wrote on X in response to Armstrong’s post Wednesday. “Coinbase’s integration with Lightning will give its 100 million users an on-ramp to faster and cheaper bitcoin transactions. Hats off to Coinbase!”
Coinbase’s stock was recently up 1.4% following the news.
Armstrong said that while his team is working on integrating Lighting, it will take some time to do so.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.
:format(webp)/s3.amazonaws.com/arc-authors/coindesk/6d05e6ca-ca9b-44d0-97e6-b6bdceee3d6f.png)
Helene is a New York-based news reporter at CoinDesk, currently covering the criminal trial of infamous crypto mogul Sam Bankman-Fried. Helene is a recent graduate of New York University's business and economic reporting program and has appeared on CBS News and Nasdaq TradeTalks. She holds BTC and ETH.
Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.