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OKEx Exchange to Integrate Bitcoin's Lightning Network for Faster, Cheaper Transactions
High on-chain fees and transaction times for bitcoin can be off-putting to users, the exchange said.
Updated Sep 14, 2021, 11:05 a.m. Published Feb 2, 2021, 3:50 p.m. 1 min read
Cryptocurrency exchange OKEx says it will integrate the Lightning Network, a layer 2 bitcoin payments technology, in the second quarter of this year.
- The addition of Lightning would decrease both bitcoin transaction fees and times – in turn improving the exchange user experience, Seychelles-based OKEx said.
- Exchange users will be able to select Lightning Network as an option when depositing and withdrawing bitcoin, allow them to send and receive crypto in near-real time.
- Amid high activity in bitcoin's bull market, the average bitcoin on-chain fee is around $15 at press time, while transaction confirmations have recently been ranging from 30 minutes to hours.
- OKEx said such statistics are discouraging users from interacting with the bitcoin network.
- The integration means OKEx is able to offer "more competitive products" and, at the same time, "openly demonstrate our support for the bitcoin network by increasing the number of participant nodes in the Lightning Network," said CEO Jay Hao.
Read more: OKEx Adds More Coin-Margined Perpetual Swaps for Real-Time Settlement
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