- Coinbase Partners with Lightspark to Enable Lightning Network Support
- Cryptocurrency exchange Coinbase has teamed up with Lightspark to integrate support for the Lightning Network. This move comes nine months after CEO Brian Armstrong announced the company’s plans to adopt the network.
“By integrating the Lightning Network, the cost of sending Bitcoin worldwide is reduced by 20 times compared to the average 2% transaction fee charged by credit cards,” said Coinbase.
Previously, bitcoin transfers on Coinbase took anywhere from ten minutes to two hours to process within the network, accompanied by high fees. However, with the Lightning Network, users can instantly send and receive bitcoins, according to reports.
“The adoption of the Lightning Network promotes economic freedom. We are delighted that this integration makes Bitcoin more practical and accessible globally,” a representative of the exchange said in an interview with The Block.
The representative further stated that the fee for sending funds through the Lightning Network will be 0.1%. Initially, Coinbase users will be able to withdraw up to $2,000, resulting in a maximum withdrawal fee of $2.
As a reminder, we previously reported that the Lightning Network would be incorporated into crypto ATMs in El Salvador.