Binance Announces Integration of Lightning Network to Ease Bitcoin Network Congestion

Bursa announced Binance The leading digital currency exchange, it is working to integrate Lightning Networkwhich is an expansion based solution bitcoin in its platform.

Also read: The United States is investigating the “Binance” exchange for possible violations of Russian sanctions

The stock exchange made this announcement, after it had to stop withdrawals bitcoin Twice in one day, due to network congestion, with over 450,000 pending transactions, and a fee of $13 per transaction at the time of writing.

On the other hand, withdrawals will be allowed through a network Lightning Networkwith the option to avoid the high fees that a network collects bitcoinwhen encountering this kind of congestion.

For its part, the platform announced Binancethat besides starting work on this implementation, it will adjust withdrawal fees to avoid encountering this issue in the future, and that it will continue to monitor the situation and adjust fees accordingly, stating:

“This is a learning opportunity for us, and we will do everything we can to prevent this from happening again.”

Binance Announces Integration of Lightning Network to Ease Bitcoin Network Congestion

Addressing rumours

The exchange has suspended withdrawals bitcoin Temporarily for the first time on the seventh of May, noting that she is facing a congestion problem, and that her team is currently working on repairs until the network is stable, and she pledged to reopen withdrawals when possible.

Soon after, withdrawals reopened bitcoin Only, to be suspended again due to the large volume of pending transactions, which the stock exchange was teeming with, and this situation led to the spread of messages and reports about outflows.

In turn, the CEO refused binance, Changpeng ZhaoThese reports are Fear, uncertainty or doubt FUD.

Also read: Can “Bitcoin” serve as insurance against the failure of fiat currency?

She explained binance Then, the outflows were actually movements between hot and cold Binance wallets, due to an address modification bitcoinAnd that the reports were mistakenly identifying the stock exchange’s portfolios as belonging to others.

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