According to Coinbase founder and CEO Brian Armstrong, Coinbase is actively working on integrating the Lightning Network (LN), the second-layer scaling protocol. Armstrong emphasized that bitcoin “is the most important asset in crypto” and added that the integration of LN would require more time.
Coinbase on Track to Adopt Lightning Network, Says CEO Brian Armstrong
Brian Armstrong has disclosed that the Lightning Network (LN) is coming to Coinbase. The news follows Armstrong being asked about the second-layer technology on Twitter when Block CEO Jack Dorsey questioned him. “Why do you continue to ignore bitcoin and Lightning? What ‘crypto’ is a better money transmission protocol and why?” Dorsey asked. At the time, Armstrong responded and noted that his firm was looking into adding the LN and further stressed that Coinbase is not ignoring bitcoin.
Armstrong said:
Not sure why you think we’re ignoring bitcoin — we’ve onboarded more people to bitcoin than probably any company in the world.
On September 12, 2023, Armstrong explained that the LN was coming to Coinbase soon enough. “The team did a great job digging into this, and we’ve made the decision to integrate Lightning,” Armstrong said on the social media platform X. “Bitcoin is the most important asset in crypto and we’re excited to do our part to enable faster/cheaper bitcoin transactions. Will take some time to integrate so please be patient.”
At the same time, the LN has been dealing with a great deal of criticism over the last few months. For instance, the Lightning Network is still considered beta software in 2023, and it’s been out for more than seven years. Some people believe the LN will never scale, and some businesses have dropped support for the second layer altogether. Despite the critiques, LN supporters believe that the second layer will be integral to scaling BTC to the masses. In July 2023, the LN’s capacity reached an all-time high, but since then, it has dropped more than 12% from the peak.
What do you think about Coinbase adopting the Lightning Network? Share your thoughts and opinions about this subject in the comments section below.
