Kraken to Integrate Lightning Network in 2021 for Faster & Cheaper Bitcoin Transactions
Cryptocurrency exchange Kraken will be integrating the Lightning Network next year.
The day Bitcoin smashed through $20,000 to reach nearly $20,900, the same day Kraken announced that it would help its clients deposit and withdraw Bitcoin on Lightning Network, which is expected to be done by the first half of 2021.
This means instantly transferable Bitcoin at the lowest fees.
With the help of this integration, the cryptocurrency exchange will be able to scale to process millions of transactions per second,
“a leap forward enabling trades to be completed at a lower cost and with greater speed.”
However, Kraken says these features are just the beginning as it works towards shaping the “future of programmable payments with digital money.”
For the integration of the second layer of Bitcoin, Kraken will be hiring a team that will specifically focus on the Lightning Network, as part of the exchange’s “continuing effort to deliver the best possible experience for traders and investors.”