Cryptocurrency exchange Binance has announced that it has successfully integrated Bitcoin (BTC) into the Lightning Network, enabling the Layer 2 scaling solution for Bitcoin withdrawals and deposits.
Binance confirmed the news in a July 17 blog post, which explained that Binance users can now access their BTC deposit address via the Lightning Network.
Binance first hinted at Lightning Network integration in May after having to temporarily pause BTC withdrawals due to a spate of pending transactions caused by surge in ordinals entries.
Binance later confirmed on June 20 that it was working on Lightning network integration, shortly after users discovered Binance’s own Lightning nodes.
Related: What is the Bitcoin Lightning Network and how does it work?
The Lightning Network aims to make Bitcoin transactions faster and cheaper by allowing users to create off-chain transaction channels.
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This is an evolving story and more information will be added as it becomes available.
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