Coinbase Runs Lightly on the Bitcoin Network

Coinbase Global announced that it will use Lightspark to power the Lightning Bitcoin network for faster and cheaper transfers.

Lightspark said in a statement that it was working with the Coinbase team on technical integration. The coin will use Lightspark to “implement remote signatures.

All Lightning signing keys will belong to Coinbase, while Lightspark will host Lightning. Connecting Lightspark allows many things from fiat and cryptocurrencies to be converted into and out of Bitcoin.

“Coinbase is committed to making the world’s financial system faster and more efficient,” Shan Aggarwal, Coinbase’s vice president of business and business development, said in the announcement. “We are excited to partner with Lightspark to remove payment barriers and make transactions faster and cheaper with the support of the Bitcoin network.”

As early as 2023, Coinbase was exploring how to access the Bitcoin Lightning network. Coinbase CEO Brian Armstrong first mentioned the social media network app in an interview with users looking for a new measurement solution.

Benefits of Bitcoin Lightning

Bitcoin Lightning offers many benefits to Bitcoin users, including instant payments. This means lightning-fast transactions are instantaneous, allowing users to send and receive payments in seconds rather than waiting for Bitcoin confirmations.

Another advantage of the Network is its size. By moving a large portion of the transaction off-chain, the Lightning Network helps reduce the complexity of the Bitcoin network and increase the overall size of the network.

Down payment and other advantages. Because online transactions occur overseas, they often pay less than bank transfers, making micropayments and small businesses possible.

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