Bitfinex, a Hong Kong-based cryptocurrency exchange, announced support for Lightning Network deposits and withdrawals becoming the first exchange in the industry to do so.
The Lightning Network is a second layer solution to Bitcoin's scalability problem.
It was created by Lightning Labs, a San Francisco-based company building the next generation of decentralized financial infrastructure.
The idea behind it was to increase the transaction throughput of BTC's blockchain network.
Starting on Dec. 3, Bitfinex will add support for Lightning Network deposits and withdrawals.
Those running their own Lightning Node would also be able to connect with Bitfinex's Lightning Node.
"Our industry has always been brought forward by brave people [and] Bitfinex its part."
Earlier last month, one of the lead investors at DTC Capital, Spencer Noon, noted that 2019 hasn't been the "Year of the Lightning Network." He argued that the network's statistics showed that its growth was mostly stagnant throughout the year.
The move to add support for the Lightning Network by Bitfinex could create a ripple effect across the industry.
With more users joining the network, its growth could be about to experience a massive spike.
Bitfinex becomes the first exchange to support the Lightning Network
Published on Dec 2, 2019
by Cryptoslate | Published on Coinage
Mentioned in this article
Facebook's Mark Zuckerberg explains how digital currency Libra could increase the firm's profits
Days after rebranding the Calibra wallet to Novi, Facebook founder Mark Zuckerberg explained to shareholders how Libra, the firm's upcoming digital currency, can help bolster revenues from advertising.
Bitcoin's short-term skew collapses as CME options volume rockets
It now appears that options traders are beginning to grow increasingly bullish on the cryptocurrency - a trend that is elucidated by the recent collapse in BTC's short-term options skew.
DeFi vs CeFi: Two industry leaders to square off in debate during BlockDown 2020
The crypto industry has long been engaged in a debate regarding whether or not the merits of Centralized Finance outweigh those of Decentralized Finance.
BitClave Seems Unlikely to Ever Pay $29 Million Settlement
A company that was heralded as the "New Google" settles with the SEC, agreeing to return $29 million to ICO investors, in addition to a $400,000 penalty.