The Crypto-exchange firm, OKCoin revealed that it is in the process of integrating the Bitcoin Lightning Network to its platform.
OKCoin is founded by Mingxing Xu in the year 2013. It offers fiat trading with some of the major assets which include Ethereum, Bitcoin, Litecoin, Bitcoin, and Ethereum Classic.
Hong Fang, OKCoin CEO said, "The lightning network, like Bitcoin, requires a network of nodes and adoption of the technology to perform to the best of its capabilities. As part of our analysis of the technology, we assessed the strength and quality of the nodes and now feel the network is strong enough to participate as an exchange with a high volume of withdrawals and deposits a day. We hope other blockchain companies follow suit and lift the whole industry up by speeding up bitcoin payments and look further to working further with the Lightning Labs team to advance this strategically important layer 2 addition to Bitcoin for more utility and wider adoption."
OKCoin's integration with Bitcoin Lightning Network
The integration is planned for complition by the end of February, will give OKCoin users an option to use the lightning network to withdraw and deposit funds from the exchange easily.
The Lightning Network integration is developed for the micropayments on the network. As of now, it costs around $10 to withdraw bitcoin, but the lightning network integration could lower down the fees to 1%, depending on the liquidity and routing of the network.
The integration could also help to cut the time it takes to make any withdrawals.
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