Crypto exchanges working fast
According to the European crypto exchange Bitstamp, it has started setting up the Lightning Network with the companies network in order to boost the network capabilities. This was after its announcement that the company tweeted on twitter on July the 4th.
The lightning network is currently a second layer solution for bitcoin’s blockchain and a few more cryptocurrencies. Lightning Network enables fast and zero-fee transactions through the creation of payment channels between the users. The network is currently addressing the scalability issues, by doing transactions off-chain as well.
Bitstamp plans to promote the growth of the network, while encouraging the crypto industry to adopt the technology in order to facilitate trade and improve their business. According to Bitstamp this addition of the node from the Lightining Network will keep the network active. As these nodes will become its basic building units. The networks liquidity will increase as more nodes start to produce transaction channels.
The Lightning network was recently available on major American crypto exchanges together with its wallet implementation services from Coinbase, through the payment provider Bitrefill. Which was back in May, as the cryptocurrency exchange Bitfinex revealed its plans to launch a new LN support network for the use of USDT stablecoin.
More people have been using the lightning network for their transactions and getting familiar with the application and devices. While the company is currently the 39th largest cryptocurrency exchange, as suggested by its daily trading volumes.
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