Bitfinex Becomes First Major Exchange to Add Lightning Network Deposits and Withdrawals

The Lightning Network was developed to solve both speed and scalability concerns for Bitcoin. However, the innovative technology is now finding interest from other platforms that want to have these benefits as well, like Bitfinex. CTO Paolo Ardoino confirmed the new integration on Twitter today.

  • A linking page for the implementation will be live tomorrow, December 3rd.
  • Paolo Ardoino and Jameson Loop weighed in on the integration with Bitfinex.

The Lightning Network has promoted itself through the last year or so, as cryptocurrency proponents pushed a Bitcoin train through the social media platform, adding more BTC as it went along. Promoting the expediency of this network, it seems that the Lightning Network has officially gained the attention and the collaboration of its first exchange. This afternoon, Jameson Lopp took to Twitter to announce the implementation of the Lightning Network on Bitfinex.

Paolo Ardoino, the CTO of Bitfinex, as well as the CTO to Tether, was tagged in the post, as he replied that he was hoping that new users would be opening channels, promising a live linking page tomorrow.

The new opportunity has caught the attention of quite a few Crypto Twitter accounts, like that of Charlie Shrem (founder of BitInstant and the Bitcoin Foundation), and has already been retweeted over 50 times.

WhalePanda also announced that the news on Twitter, linking to the Bitfinex website.

Back in June, Crypto Ticket reported that Ardoino confirmed plans for Tether to be launched on the Lightning Network by the end of the year. At the time, Bitfinex's team was working to mount Tether on Liquid, with the help of Blockstream, for asset delivery on the Lightning Network.

Speaking with The Block in March 2019, Ardoino said,

“We really love [Lightning Network] (I personally do a lot), so we want to make sure we learn and contribute to it with our resources.”

His remarks were made regarding Bitfinex's involvement with the Tether launch, but it seems that his appreciation for the fast-moving network has not changed.

The Lightning Network a second-layer payment protocol, operating on top of a cryptocurrency based in blockchain, like Bitcoin. The purpose of this protocol is to speed up transactions between participating nodes. It is primarily advertised as a solution for the scalability issues that Bitcoin has faced.

Along with the launch of Lightning Network integration, Bitfinex recently announced their upgrade of Multi-Collateral DAI, which replaces the former “single-collateral” DAI token, which has been renamed SAI. Deposits and withdrawals of DAI is now available on the platform.

Bitfinex teased about “two exceptional integrations” earlier this morning on Twitter, and it might be safe to say that the integration of the Lightning Network is one of those two. However, no information has been confirmed or promoted on the official Twitter account for Bitfinex, so maybe there is more to come.

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Krystle M
Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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