Coinbase CEO Brian Armstrong has revealed the company’s decision to integrate the Bitcoin (BTC) lightning network, aiming to offer faster and more cost-effective transactions. This move puts Coinbase in competition with other major exchanges like Binance, Bitstamp, Kraken, and OKX, which have already adopted this solution to compete in the global market.
Armstrong shared this plan on X (formerly Twitter), emphasizing Bitcoin’s significance in the cryptocurrency ecosystem and urging patience during the integration process. He acknowledged past criticism of Coinbase for not implementing the lightning network, including comments from former Twitter CEO and Bitcoin advocate Jack Dorsey.
The Bitcoin lightning network is a layer 2 scaling solution designed to enhance transaction speeds and compete with newer payment solutions that offer faster and cheaper transactions.
Coinbase, historically dominant in the United States, is now expanding globally to challenge Binance in international markets. Recently, the company unveiled its Phase II international expansion plan, “Phase Go Broad, Go Deep,” with the goal of diversifying its services in various international markets, including the European Union, Canada, the UK, and Brazil. Coinbase is also finalizing its selection of a “MiCA hub” after the EU approved landmark legislation.
Company executives have expressed frustration with the regulatory environment in the United States and are prioritizing countries with clearer regulatory paths for expansion. The integration of the lightning network aligns with Coinbase’s commitment to faster payments, as the company continues to develop solutions for its Coinbase Wallet and collaborate with banks and payment providers to enhance the user experience.
By FCCT Editorial Team
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