Another crypto exchange has added support for Bitcoin’s Lightning network.
Based in the UK CoinCorner debuted Tuesday with Lightning Network support for its users. You can now deposit and withdraw Bitcoin via the secondary network, a software stack built on Bitcoin’s core technology that enables low-cost and fast transactions.
“Lightning is the most decentralized and most trustworthy scaling solution. We always wanted to integrate Lightning, but it was just a matter of timing and the availability of resources in the company, ”CoinCorner CEO Danny Scott told CoinDesk.
CoinCorner introduced the payment method to its CoinCorner Checkout payment gateway last April, Scott said. This made integration easy for the exchange, a two-week undertaking, Scott said.
“Granted, me and Zakk Lakin, our technical director, have been playing around with Lightning nodes for the past few years so we know exactly how that works,” said Scott.
Lightning Network deposits and on-chain deposits show up as the same balance for CoinCorner users, Scott said. He added the exchange plans to introduce a feature that would allow them to pay Lightning Network bills from their GBP wallet on the exchange. This is similar to Zaps Strike, a lightning powered “Venmo” that today announced its worldwide release.
Lightning is currently only available for CoinCorner’s website, however Scott said a mobile version will be available soon.
CoinCorner’s working support for the network comes after the crypto exchange that Kraken promised last December for the integration of Lightning in 2021. Aside from CoinCorner, Bitfinex and River Financial are the only popular cryptocurrency exchanges that offer live support for the Lightning Network.
Bitcoin’s Lightning Network, launched in 2018, underwent a number of upgrades in late 2019 and through 2020 that improved financial plumbing. In particular, multi-part payments (also known as multi-path payments) and wumbo channels have been added, each of which improves how Lightning sends payments and how much Bitcoin can be sent over the network.
These improvements to the Lightning Network “certainly made it more attractive for exchanges to introduce it to help with larger, more reliable transactions,” said Scott.
“I think every exchange has Lightning on the radar. It’s all about resources and in-house priority when this is incorporated. With exchanges running their own wallet infrastructure, adding Lightning infrastructure is easier than what people make up, ”he continued.
The network is still young and not without its flaws, but it is growing. Per data from Bitcoin visuals The number of public Bitcoin nodes connected to the Lightning network has almost doubled this year to around 8,300 nodes.
Similarly, the amount of Bitcoin known to be included in it has increased about 25% year over year to 1,061 BTC.