Coinbase CEO declares Bitcoin the most important Cryptocurrency
Date: 2023-09-13 Author: Dima Zakharov Categories: CRYPTO PAYMENTS, BUSINESS
In a recent announcement, Brian Armstrong, the CEO of cryptocurrency exchange Coinbase, has hailed Bitcoin (BTC) as the "most crucial crypto asset" while also confirming the platform's decision to integrate the Lightning Network.
"Bitcoin is the most vital asset in the crypto industry, and we are excited to contribute to enabling fast and cost-effective Bitcoin transactions," Armstrong stated.
According to Armstrong, Coinbase's team has put in extensive efforts to explore this matter thoroughly and has decided to integrate the Lightning Network. The implementation of this second-layer network will take some time, so Armstrong advises patience. The Lightning Network is expected to be available in April 2024.
Why Coinbase Needs Lightning
In August of this year, Coinbase reached out to the community for feedback on the necessity of integrating Lightning Network and the best ways to implement this technology. This initiative was led by Coinbase's protocol specialist, Victor Bunin.
This process began after Jack Dorsey, the CEO of Block, questioned Armstrong about why he continued to overlook Bitcoin and Lightning. Dorsey also inquired about which protocol is considered the best for asset transfers and the reasons behind it.
"We are exploring the best ways to integrate Lightning... I support payments starting to happen in Bitcoin. I don't know why you think we're ignoring Bitcoin - we've brought more people to it than perhaps any other company in the world," responded Armstrong at the time.
What We Know About the Lightning Integration
The Lightning Network aims to provide users with an affordable and reliable method of conducting payments by creating an additional layer on the Bitcoin network. According to The Block, Lightning Network has been actively growing over the past year, with the network's total capacity now standing at nearly 5000 Bitcoins or $127.6 million.
Lightning is already available on several major cryptocurrency exchanges, including Binance, Kraken, and Bitfinex. Coinbase is set to join this list in the near future.
