Cryptocurrency news

Kraken Exchange to Add Lightning Network Support in 2021

Kraken Exchange to Add Lightning Network Support in 2021

Cryptocurrency exchange Kraken has announced that in the first half of 2021, it will add support for the Lightning Network payment channels for making transactions with bitcoin.

The chief strategist of Kraken, Pierre Rochard, said that the management of the exchange has already begun to form a special team that will deal with the integration of the Lightning Network-a second-level protocol designed for instant transactions with bitcoin.

The solution will allow you to transfer bitcoins outside the main blockchain using payment channels, which will prevent long confirmation of transactions with BTC under high network loads. This integration will increase the speed of transactions, ensuring their instant execution, as well as reduce withdrawal fees.

Rochard added that after testing the BTC withdrawal using the Lightning Network protocol, the exchange will add the ability to make instant deposits. According to Roshar, this will be beneficial for traders who value speed in many of the strategies they use.

Recall that last year, the management of the Bitfinex trading platform also announced the addition of support for the Lightning Network. In addition, a few months ago, Bitfinex added support for Wumbo’s extended payment channels for depositing and withdrawing up to 5 BTC via the Lightning Network.