Chile’s Buda Crypto Exchange Adds Bitcoin Lightning Network Functionality to Its Platform
Buda Integrates Lightning Network to Its Platform
Chilean cryptocurrency exchange Buda recently decided to integrate bitcoin into its Lightning Network. This process may be able to make bitcoin more scalable, as it has been plagued by high fees and slow transaction times due to over-congestion. Buda released its statement concerning the integration on October 12.
Buda is one of the most important cryptocurrency exchanges in South America. It operates in several countries and the implementation will allow it to operate bitcoin on the network. With its new move, the platform will be the first exchange in the world to integrate bitcoin to the lightning network. The company reported that the integration will allow for faster payments.
The exchange stated,
“We have a very important news to tell you: starting today you can test Lightning Network on Buda.com and use your Bitcoins to make payments at the speed of lighten.”
Right now, there are not many places accepting Lightning Network Payments. Companies that use the platform include Bitrefill, Bitlaunch, LNMS, CoinMail and JoltFun. It is also possible to test the network on Satoshis Place. Satoshis Tweet and Yalls. The network is being developed by those from Bitcoin and other exchanges. The high fees and slow transaction times during heavy use have led the community to scale Bitcoin’s mainnet by using off-chain network.
The system is dissimilar from Bitcoin Cash, which is a fork from Bitcoin that has decided to scale by increasing block size. The bitcoin community did not accept bitcoin cash and hence, there are two networks.
The lightning network may allow bitcoin to process millions of transactions per second and with a low fee. Further, the low processing times may be taken care of as well. Companies and stores accepting lightning network payments may increase in time and the network will grow without having to increase block size.
In April, the exchange faced a lawsuit by Chilean banks after they closed to exchange’s accounts. Buda used its legal resources to solve the bank issue and now it is an ambassador for the industry in South America.