OKCoin is the latest crypto exchange to support Bitcoin Lightning Network.
According to the details shared with CoinDesk, the exchange is in the final stages of integrating the secondary rating network. It should be live within three to four weeks, the OKCoin team told CoinDesk.
“We have been a bitcoin exchange since 2013, and while we are excited [decentralized finance] and other assets, we know bitcoin is the foundation of the entire industry The Bitcoin network is often congested and has high transaction fees, especially during bull markets, ”OKCoin CEO Hong Fang told CoinDesk.
The Lightning Network is a technology stack built on top of Bitcoin that facilitates faster and cheaper transactions than the underlying Bitcoin network.
This integration means that OKCoin can lower the minimum deposit for bitcoin on Lightning to 0.000001 BTC ($ 0.004), while the maximum withdrawal is $ 750. OKCoin representatives told CoinDesk that Lightning Network deposits will appear under users’ regular bitcoin balances, and that users only have to pay Lightning Network fees (usually pennies) on withdrawal.
OKCoin is one of the members of Blockstream Liquid sidechain, another scaling solution, where a network maintained by a member federation like OKCoin processes transactions for a fraction of the cost of Bitcoin’s underlying network.
The CEO of OKCoin told CoinDesk that the exchange could “explore other networks” in the future but focused on implementing Lightning live on the platform first.
Once integrated, the Lightning Network will be available on OKCoin mobile and web applications.
OKCoin is not the only exchange riding Lightning into the new year.
Moment is building for the Lightning Network utility as an instant, free and off-ramp exchange. Bitfinex, which serves international customers but is closed to US consumers, was one of the first exchanges to offer Lightning Network deposits and withdrawals. River Financial, which is unique to the US, also offers Lightning functionality to its users.