Bitfinex Exchange Becomes One of First to Support Lightning Network

Bitfinex, one of the largest cryptocurrency exchanges out there, is set to support Bitcoin’s Lightning Network. The services will launch on December 3rd, and the exchange will allow users to both withdraw, trade, and deposit on there using the Lightning Network technology. According to The Block, the platform will also bring on Tether Gold and USDT support.

Speaking on the matter to the publication is Paolo Ardoino, the CTO of Bitfinex:

“In Bitfinex, we think that it [the Lightning Network] can be the game-changer of our industry, since it enables P2P micro-payments with small fees and high throughput. Its P2P nature carries the unstoppable force of bitcoin. Still it requires more awareness, understanding and adoption from the larger crypto community. A major exchange supporting it will speed up this adoption process.”

From there, we’ll have to see if this platform can actually push usage of the Lightning Network. As you may know, the Lightning Network is a scalability solution to Bitcoin’s long wait times and high transaction fees. It acts as a second layer to Bitcoin’s blockchain, and developers can build applications and wallets on top of it.

While it isn’t as widespread as some would hope right now, the Network works fairly well and most users are relatively happy with it. WE’ll have to see if Bitfinex’s push can bring in even more.

Read more: 

• New Tether Gold/Bitcoin Contracts Launched By Bitfinex Derivatives