Coinbase CEO Brian Armstrong has confirmed that the crypto exchange is “looking into” adding the Bitcoin Lighting network in its quest to advance crypto payments adoption worldwide.
On July 28, Armstrong addressed the crypto community on Twitter (rebranded to X), highlighting the potential of cryptocurrencies to improve global payments infrastructure. He further suggested:
“This will take lots of work from all of us, Coinbase included, getting layer 2’s integrated, better on-ramps, simpler UX/onboarding, etc.”
Armstrong’s vision for global crypto payments was questioned by long-standing Bitcoin (BTC) supporters, including MicroStrategy founder Michael Saylor and Square CEO Jack Dorsey, given no mention of Bitcoin in the post, as shown below:
The next step for crypto is to make payments instant and free globally.
This will take lots of work from all of us, Coinbase included, getting layer 2’s integrated, better on-ramps, simpler UX/onboarding, etc.
A magic threshold would be getting the average payment under 1 cent… https://t.co/IDWTHsZNUq
— Brian Armstrong ️ (@brian_armstrong) July 26, 2023
The Lightning Network aims to make Bitcoin transactions faster and cheaper by allowing users to create off-chain transaction channels. While Saylor simply recommended integrating Bitcoin Lightning on Coinbase, Dorsey questioned, “what ‘crypto’ is a better money transmission protocol (than Bitcoin) and why?” After five days of silence, Armstrong responded to Dorsey, stating:
“Not sure why you think we’re ignoring Bitcoin – we’ve onboarded more people to Bitcoin than probably any company in the world.”
Armstrong confirmed that Coinbase was looking into adding support for Bitcoin Lightning and reassured its support for Bitcoin payments. Dorsey acknowledged Coinbase’s role in spreading Bitcoin adoption, and agreed to partner with Armstrong in putting resources into Bitcoin and layer-2 technologies, adding:
“We want an open protocol for money transmission for the internet that’s not controlled by a single individual, company, or government.”
The open discussion between the two crypto entrepreneurs concluded with both pledging to be on the same team.
Related: Lightning Labs releases tools letting AI transact and hold Bitcoin
On July 17, Binance completed the integration of Bitcoin Lightning Network within a month of sharing its intention to do so.
Screenshot showing users can select “LIGHTNING” as an option when depositing Bitcoin. Source: Binance
Binance has joined Bitfinex, River Financial, OKX, Kraken and CoinCorner as the other prominent exchanges to have embraced the Lightning Network.
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