The news comes from Coinbase CEO Brian Armstrong who revealed the possibility of implementing the Bitcoin Lightning Network via a Twitter post as he replied to a user that questioned the company’s lack of public comments on the scaling solution. The Coinbase CEO revealed that his tweets auto-delete after a few months, which caused the lack of history.
He also expressed that the Bitcoin Lightning Network is a ‘great’ solution that Coinbase will adopt in the future, but he did not specify a timeline for the integration. The Lightning Network aims to address the scalability issue of Bitcoin, and according to crypto-news-flash.com, it is one of the most popular systems of its kind.
The Lightning Network offers fast transaction speeds and low costs, and it is currently supported by cryptocurrency exchanges such as Kraken, Bitfinex, BitStamp, and OKEx.
According to cointelegraph.com, Lightning Network is a layer-2 solution on the Bitcoin blockchain, and as such, it represents a key component in the scalability of the blockchain. Of all layer-2 solutions, Lightning Network owes its importance to its association with Bitcoin and its ability to help add utility value to the chain.
The Lightning ecosystem incorporates a series of products, projects, experiments, and solutions across verticals and functionality that includes gaming, wallets and payments, node management, infrastructure, and rewards. A few noteworthy features and products built over the Lightning Network include data analytics tool Faraday, Taro, which helps issue or mint assets on the Lightning Network, as well as Pool and Loop.
In March 2023, Coinbase collaborated with the instant payment app Pix as part of its service expansion efforts in Brazil. Operated by the Central Bank of Brazil, Pix is a Brazilian IP scheme that allows people, companies and governmental entities to send or receive payment transfers in a few seconds at any time, including non-business days.
By tapping into Pix’s capabilities, Brazilians will have an easier time purchasing crypto using the Brazilian real. The partnership will also enable deposits and withdrawals from Coinbase accounts in real, and users will have an easier time opening a Coinbase account.
In February 2023, Coinbase launched the Base layer-2 network in a bid to streamline the process of building decentralised apps. The Base layer-2 network is powered by Optimism and secured on Ethereum.
The Base Ethereum Layer 2 (L2) solution was designed to offer a secure, low-cost, and developer-friendly platform for building decentralised applications (dApps). The solution relies on ETH as its native gas token, which means that it does not need a new network token. Coinbase worked with the Optimism team to create an interoperable super chain that offers an open ecosystem for anyone to build dApps.
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