Bitfinex to support deposits and withdrawals on Lightning Network
December 2, 2019, 7:28PM EST
1 min read
Bitfinex is pushing for mainstream adoption of the Lightning Network.
The cryptocurrency exchange announced in an email on Monday that it will support Lightning Network deposits and withdrawals starting Dec. 3. The company is also working to bring its stablecoin USDT and Tether Gold onto the network, Bitfinex CTO Paolo Ardoino told The Block.
Bitfinex is one of the first major exchanges to offer Lightning Network support. With the new feature, Bitfinex users can withdraw and deposit bitcoins on the exchange instantly over the Lightning Network, a second layer on the bitcoin blockchain to scale the network.
According to Ardonio, the exchange sees promises in the Lightning Network and hopes to bring the protocol to the masses.
“In Bitfinex, we think that it [the Lightning Network] can be the game-changer of our industry, since it enables P2P micro-payments with small fees and high throughput. Its P2P nature carries the unstoppable force of bitcoin. Still it requires more awareness, understanding and adoption from the larger crypto community. A major exchange supporting it will speed up this adoption process,” said Ardoino.
As part of this effort, Bitfinex is also working with a group of developers and companies called RGB tolaunch its stablecoin Tether and gold-backed stablecoin Tether Gold on the Lightning Network, said Ardoino.
“This is a further acknowledgment of the commitment we have for this technology,” Ardoino said.
Cryptocurrency gift card provider Bitrefill said Tuesday that it is providing Bitfinex support for the Lightning Network deposits/withdrawals. “Behind the scenes, we'll be using fat channel subnetworks, custom implementations, and dynamic settlements to power a new economy,” it said.
The Block Research was commissioned by Forte to create “Blockchain-Based Gaming: A Primer” which provides a comprehensive introduction to how blockchain technology is being employed in video gaming experiences.
“It’s a global development.” On this episode of The Scoop, 10T Founder and CEO Dan Tapiero joined host Frank Chaparro to discuss his insights into the globalization of crypto markets and how his macro investing strategy has seen his fund 10T pour hundreds of millions into crypto unicorns. To date, Tapiero has already allocated the […]
The U.S. Securities and Exchange Commission is said to be allowing the first Bitcoin futures exchange-traded fund (ETF), per a Bloomberg report. The publication said in a report on Thursday night that the U.S. regulator “isn’t likely to block the products from starting to trade next week,” citing people familiar with the matter. The report […]