- Coinbase has partnered with Lightspark for Bitcoin Lightning integration, promising faster and cheaper transactions for its 108 million users.
- Lightspark’s AI-powered Lightspark Predict seeks to improve Lightning transaction success rates by optimizing liquidity and routing.
A prominent digital currency exchange, Coinbase, is nearing platform integration with the Bitcoin Lightning Network. This progress is the consequence of a strategic alliance with Lightspark, an organization led by David Marcus, the former president of PayPal, that specializes in delivering Lightning solutions at the enterprise level.
Thrilled to announce that @Coinbase has selected @Lightspark to enable the #Bitcoin Lightning Network across its platform and services. Yet another significant milestone for Lightning! âš¡to many millions of new people and 100+ countries coming soon! https://t.co/Dj5JDqdmOl
— David Marcus (@davidmarcus) April 3, 2024
A Step Towards Less Expensive and Quicker Bitcoin Transactions
The potential impact of incorporating the Lightning Network, a layer-2 solution, into Coinbase’s operations with Bitcoin transactions for its 108 million extensive user base is revolutionary.
By enabling transactions to be executed at a quicker rate and at a lower cost, Coinbase will substantially improve the user experience and alleviate the difficulties caused by the escalating fees on Bitcoin’s foundation.
The anticipation surrounding this integration has been mounting ever since September of last year, when Coinbase CEO Brian Armstrong alluded to the platform’s intention to adopt Bitcoin Lightning, as previously reported by ETHNews.
Nevertheless, information concerning the precise timing and particulars of the integration had been limited until now.
The Function of Lightspark in Streamlining Lightning Transactions
Since its inception in 2022, Lightspark has been a leader in tackling the intricacies that arise from the management of Lightning circuits. The company’s objective with the implementation of Lightspark Predict, an AI-powered engine, is to optimize transaction routing and liquidity, consequently increasing success rates and decreasing finality times.
This innovation is crucial for addressing the primary challenges associated with Lightning transactions, specifically the malfunctions resulting from insufficient liquidity along payment routes.
We're excited to share that @Coinbase has selected @Lightspark to bring the Lightning Network to all its customers, promising near-instant, cheaper Bitcoin transactions. Read more here: https://t.co/PaxyhKMZtv pic.twitter.com/MoEENtjElm
— Lightspark (@lightspark) April 3, 2024
Lightning Network’s Expanding Adoption and Popularity
The announcement of the integration follows Binance’s July implementation of Bitcoin Lightning, another cryptocurrency behemoth that initiated a trend among prominent exchanges.
Lightning payments are becoming increasingly popular in several global centers, such as the cryptocurrency epicenters of Lugano, Switzerland, El Zonte, El Salvador, and Utiva, Costa Rica. This trend demonstrates the expanding utility and acceptability of this technology. To explore more details about this development, you can watch the following YouTube video: