On June 20, cryptocurrency change Binance introduced that it had began working nodes on the Bitcoin Lightning Community, marking an important step in direction of integration for deposits and withdrawals.
In a tweet, Binance acknowledged customers who had observed their new Lightning nodes and confirmed their presence. Nonetheless, Binance harassed that extra technical work must be accomplished earlier than absolutely implementing Lightning integration, and promised to supply updates alongside the way in which.
#Binance is working to combine the #Bitcoin Lightning Community for deposits and withdrawals.
Some observant customers have not too long ago found our new lightning knots. Sure – we’re!
Nonetheless, there’s nonetheless extra technical work to be executed. We are going to replace as soon as Lightning is absolutely built-in. https://t.co/N0oN8561sN
— Binance (@binance) June 20, 2023
In response to the Bitcoin (BTC) community congestion on Could 7, Binance introduced its plans to incorporate the Lightning community to take away congestion. In a tweet, Binance talked about its ongoing efforts to allow withdrawals via the BTC Lightning Community, recognizing its potential in such conditions. The growing congestion was primarily attributable to a surge in BRC-20 transactions, with the recognition of memecoins being a contributing issue.
The Bitcoin Lightning Community is a Layer 2 protocol constructed on prime of the Bitcoin blockchain to unravel scalability points. It permits individuals to create fee channels, conduct off-chain transactions shortly and cheaply, and settle the channels on the Bitcoin blockchain when wanted. The Lightning Community goals to enhance the pace, scalability and privateness of Bitcoin transactions, making it extra environment friendly for microtransactions whereas lowering charges and congestion on the principle community.
Associated: Binance’s BNB Chain Launches Layer 2 Testnet Powered by Optimism
Just lately, Binance was embroiled in a authorized battle with the US Securities and Trade Commission, which brought about a interval of uncertainty for the corporate. Nonetheless, there’s reduction after Decide Amy Berman Jackson of the US District Courtroom for the District of Columbia authorised a consent settlement between Binance, Binance.US and the SEC. The settlement successfully overturned an injunction filed by the SEC that might have frozen all Binance.US property.
Journal: Crypto Regulation – Does SEC Chairman Gary Gensler Have the Final Phrase?