Coinbase Global Inc has decided to integrate the Lightning Network that aims at making Bitcoin a viable option for faster and cheaper global payments. Brian Armstrong, the Chief Executive of Coinbase wrote on X (formerly Twitter):
“We’ve made decision to integrate Lightning. Bitcoin is most important asset in crypto and we’re excited to do our part to enable faster/cheaper Bitcoin transactions.”
The integration has been welcomed by many, including Cathie Wood of Ark Invest who wrote on X:
“Coinbase’s integration with Lightning will give its 100 million users an on-ramp to faster and cheaper bitcoin transactions. Hats off to Coinbase!”
Other notable names who have voiced their support for the Lightning Network include Michael Saylor – the Executive Chairman of MicroStrategy Inc. and David Marcus – the former president of PayPal. Marcus has reiterated his commitment to turning Bitcoin into a global payments network.
Coinbase’s decision to integrate the Lightning Network follows its financial results for the second quarter which handily topped Street estimates. Shares of the crypto company are down close to 30% versus their year-to-date high. At the time of writing, the price of a BTC is around 20% below its year-to-date high.