Crypto Exchange Bitstamp Integrates Its Own Bitcoin Lightning Network Node
An European cryptocurrency exchange called Bitstamp has decided to set up its own Bitcoin Lightning Network node. The initiative was started in order to boost the capabilities of the network for clients of the company.
The LN is a second layer protocol that makes transactions off the main Bitcoin network. It does it in order to enable quicker transactions which have really low fees. This technology was originally created in order to solve the current scalability problem that plagues Bitcoin and it was very present at the beginning of 2018 when the technology was launched.
By creating this new channel, the exchange intends to enabler the users to be able to make zero-fee transactions and to improve the services which are being offered. Another important objective that Bitstamp has is to promote the growth of the network and to help the industry to adopt the LN, considered a very important technology by the executives of the exchange.
According to the official announcement of the company, Bitstamp is set out to directly help and encourage in the adoption of the technology and to keep the LN active by adding more nodes.
With more nodes being open in the network, there is a certainty that the liquidity will increase, which will enable companies to have transactions that will be finished faster and be more efficient.
The LN has grown a lot recently since its humble beginnings last year. For a technology that was launched in a very experimental phase and was released full of bugs, the improvements are certainly awesome.
Not only Bitstamp is doing this now but Coinbase has also offered services compatible with the Lightning Network via its provider Bitrefill. Bitfinex, the sister company of Tether (USDT), has also affirmed that it is planning to have LN support for its token as well. It looks like the Bitcoin Lightning Network is growing almost every day and that its future will be certainly bright.