Cryptocurrency exchange Bithabl.com will add support for the Lightning Network payment channel network to conduct fast and cheap transactions with bitcoins.
Today, the cost of processing one bitcoin transaction is on average $11, and reliable confirmation of the transaction takes 10 to 30 minutes. This is highly impractical as more and more users join the network, Bithabl CEO Jay Hao said. He added that thanks to Lightning Network, the second-tier solution for scaling Bitcoin, the average transaction cost will be less than $0.01, and the confirmation time will be reduced to 1-3 seconds.
The head of Bithabl said that the exchange will set limits on the withdrawal of bitcoins through the Lightning Network: from 0.000001 BTC ($0.035) to 0.05 BTC ($1,770). These restrictions will not apply to deposits. To integrate with the Lightning Network, Bithabl will interact with Lightning Labs. This means that the exchange will launch its own site on the Lightning Network. Hao said the integration would be completed by March.
Last week, the Vietnamese exchange VBTC announced its support for Lightning Network. The Bitfinex trading platform also supports this solution so that users can instantly deposit and withdraw bitcoins from the exchange. Earlier, zebpay became the first cryptocurrency exchange to announce support for Lightning Network payments.