Coinbase Supports Lightning Network Thanks to Bitrefill with Its ‘Recharge’ ThorAPI Kit

  • Bitrefill is working in order to make the Lightning Network available for different platforms
  • The Lightning Network is expected to help Bitcoin scale

According to some reports, a new service call Recharge has been added to Bitrefill’s Thor Lightning service. This would allow Coinbase users to leverage the Lightning Network using their accounts on the platform.

Coinbase is one of the largest and most popular exchanges around the world. With this new implementation, it is possible to send on-chain bitcoin from Coinbase to top-off Lightning channels on other services. Furthermore, users can pay invoices directly from a Coinbase account.

Coinbase Supports Lightning Network Through Bitrefill

As reported by Bitcoin Magazine on June 25, Coinbase users will now be able to use the Lightning Network from their accounts. Moreover, the service made available through Bitrefill could also be used by other users “à la carte.”

During a conversation with Bitcoin Magazine, the company explained that they are envisioning other exchanges integrating the service as well.

With this implementation created by Bitrefill that is called Thor, users can have exposure and access to Bitcoin’ssecondary payment network called Lightning. This on-demand service opens a payment channel for users to connect to the Bitrefill’s Lightning Network node and it provides a routing hub for payment channels.

In addition to it, Thor Turbo is the first product that they rollout for the service, which helps users work with Thor without having to wait for on-chain confirmations. However, users have to trust Bitrefill to make the transaction.

Recharge is also part of Bitrefill’s new ThorAPI service that exchanges can utilize to integrate Lightning directly on their platforms. John Carvalho, Bitrefill COO, commented:

“We chose to demonstrate this new service by utilizing our pre-existing integration with Coinbase’s API for accounts to show how Bitrefill allows any crypto platform in the world to provide access to the Lightning Network whether they currently support Lightning technology internally or not.”

He went on saying that Lightning is about to allow exchanges to collaborate on instantly moving BTC over Lightning and to coordinate on the liquidity needed to make that possible. This is going to help increase Lightning adoption among exchanges.

In the future, exchanges might be able to open fast payment channels and improve transfer times and costs. At the moment, they are working with different exchanges and Bitcoin companies to create a subnetwork of Lightning channel liquidity.

Although Coinbase has been always an exchange that took a long time to introduce new improvements and digital currencies, Bitrefill is now working with it to enhance these services. Carvalho said that this shows that there are companies that can easily integrate the Lightning Network with minimal trust requirements and minimal development overhead.

The new service was tested by the CEO of Bitrefill, Sergej Kotliar, during the first day of the Bitcoin 2019 conference in San Francisco. Bitrefill has also gifted $5 in Bitcoin through Thor Turbo channels to use at the event’s Lightning-powered arcade.

The Lightning Network has now over 8,885 nodes, 34,573 channels and a capacity of 944 Bitcoin, according to data provided by 1ml.

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