Coinbase Explores Adding Bitcoin Lightning Network, Brian Armstrong Discusses Plans with Jack Dorsey

Coinbase, one of the leading cryptocurrency exchanges, is actively considering the integration of the Bitcoin Lightning network as part of its efforts to promote widespread adoption of crypto payments globally. In a recent Twitter (rebranded as X) thread on July 28, Coinbase CEO Brian Armstrong engaged with the crypto community and highlighted the potential of cryptocurrencies in revolutionizing the global payments infrastructure. He stressed the need for collaborative efforts, including integrating layer 2 solutions, improving on-ramps, and simplifying user experience and onboarding processes.

However, some of the exchange’s longtime supporters, including MicroStrategy founder Michael Saylor and Square CEO Jack Dorsey, raised concerns about Armstrong’s vision since he did not explicitly mention Bitcoin in his post. The Lightning Network, an off-chain solution for Bitcoin transactions, is designed to enhance the speed and reduce the cost of transactions. Saylor simply recommended Coinbase to integrate Bitcoin Lightning, while Dorsey questioned which cryptocurrency offers a better money transmission protocol than Bitcoin and why.

In response, Armstrong clarified that Coinbase was not overlooking Bitcoin and affirmed the company’s commitment to supporting Bitcoin payments. He also revealed that Coinbase was actively exploring the addition of Bitcoin Lightning support. Dorsey acknowledged Coinbase’s significant role in onboarding people to Bitcoin and expressed a desire to partner with Armstrong to invest resources into Bitcoin and layer 2 technologies. Both entrepreneurs emphasized the importance of an open protocol for money transmission on the internet that remains decentralized and free from single-entity control.

This candid and open discussion between the two crypto industry leaders concluded with both pledging to work together as a united team. Their exchange served as a demonstration of the collaborative spirit that exists within the cryptocurrency space, where industry players strive to collectively advance the adoption and usability of digital assets.

Interestingly, other prominent cryptocurrency exchanges have already embraced the Lightning Network. Binance, for instance, successfully integrated the Bitcoin Lightning Network within a month of announcing its intention to do so. Several other exchanges, including Bitfinex, River Financial, OKX, Kraken, and CoinCorner, have also adopted the Lightning Network, recognizing its potential to enhance the scalability and efficiency of Bitcoin transactions.

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