- This is an initiative that the company’s CEO, CZ, supports
- The team is already actively exploring the issue
- There is no exact date for integration yet
Binance CEO, Changpeng Zhao, spent an hour on Twitter Spaces on May 31 where he answered questions from the audience.. He was asked when Binance will implement Lightning Network on its exchanges. Here’s what CZ responded:
“We have a secure wallet infrastructure where addresses are pre-generated in a separate secure environment and public keys are then transferred to a productive environment that is different from the wallet environment.”
CZ also told us that Lightning Network does not allow pre-generation of addresses. And in order to do that, you have to change something in terms of security. The team is already working on this, but it is not easy to set up and use the wallet. Behind the scenes, there are a significant number of safety measures that the team worries about. They focus on developing different solutions because they have significant experience with Lightning Network.
“We may first consider allowing Lightning Network transactions for small amounts.. Although I do not have a specific date, our team is carefully studying the issue. In the end, I believe that every exchange will have to support the Lightning network. The sooner we do it, the better.. Then users will be able to take advantage of benefits such as lower costs through faster transactions. This will be a valuable innovation in the future, especially for Binance Pay and various wallets,” Zhao said.