Brian Armstrong, the CEO of Coinbase, has officially announced the exchange’s commitment to integrating support for the Lightning Network. This move marks a significant endorsement of the technology that enhances Bitcoin’s viability for everyday payments by significantly accelerating transaction processing.
Coinbase initially expressed interest in exploring Lightning support in early August. However, in a recent statement on X (formerly Twitter), Armstrong confirmed that the review process had concluded, and Coinbase had made the decision to integrate the Lightning Network, media reports said.
Armstrong also expressed admiration for Bitcoin, labeling it as “the most important asset in crypto.” In his previous remarks in August during the Lightning review, he had emphasized his enthusiasm for Bitcoin becoming a prominent medium for transactions.
The Lightning Network serves as a second layer of blockchain technology connected to the Bitcoin network. It facilitates more efficient and notably faster Bitcoin transactions, which are essential for Bitcoin to gain widespread acceptance as a means of payment.
Cathie Wood, the head of ARK Invest, the second-largest shareholder in Coinbase, responded to Armstrong’s announcement on X, stating, “Bitcoin is the world’s digital monetary system, and Lightning is Bitcoin’s payments layer.” Wood also highlighted that Coinbase’s integration with the Lightning Network would provide its 100 million users with a smoother and more cost-effective avenue for Bitcoin transactions, earning praise for the exchange.
Michael Saylor, executive chairman and co-founder of Micro Strategy, also welcomed the initiative.
“Excellent decision. #Lightning⚡️will revolutionize #Bitcoin transactions and deliver the power of the bitcoin network to billions of people worldwide. Adoption of this protocol by every firm in the industry now seems inevitable,” he tweeted.
Following this news, Coinbase’s stock saw a 1.4% increase in value. Armstrong mentioned that while his team is actively working on integrating the Lightning Network, it will take some time to complete the process.
