Bitfinex announces support for Lightning Network deposits and withdrawals


  • This will enable Bitfinex users to perform bitcoins transactions instantly over the Lightning Network.
  • The company will likely bring stablecoin USDT and Tether Gold onto the network.

Bitfinex has recently announced that it will support Lightning Network deposits and withdrawals from December 3. Bitfinex CTO, Paolo Ardoino, also confirmed that the company is in the process to bring its stablecoin USDT and Tether Gold onto the network. 

Bitfinex is one of the first crypto exchanges to add Lightning Network support to its network. This new feature will enable Bitfinex users to withdraw and deposit bitcoins on the exchange instantly over the Lightning Network. Ardonio believes that the Lightning Network will be beneficial and he hopes to bring the protocol to the common people. Ardonio said:

In Bitfinex, we think that it [the Lightning Network] can be the game-changer of our industry, since it enables P2P micro-payments with small fees and high throughput. Its P2P nature carries the unstoppable force of bitcoin. Still, it requires more awareness, understanding and adoption from the larger crypto community. A major exchange supporting it will speed up this adoption process.

Ardonio also stated that the company is teaming with a group of developers and companies called RGB. They will work together to launch its stablecoin Tether and gold-backed stablecoin Tether Gold on the Lightning Network. He said:

This is a further acknowledgment of the commitment we have for this technology.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Weekly Forecast: BTC crystal ball gives bulls a faint flicker of hope

Bitcoin staged a healthy recovery this week. The pioneer digital currency price took off from the support area of $10,000 and touched the next psychological line of $11,000.

More Bitcoin News

Maker Price Analysis: MKR whales could be getting ready to dump again at $470

Maker has been one of the most affected coins after the last crypto crash, losing around 50% of its value in practically one month. MKR is currently ranked 37th with a market capitalization of $500 million.

More Cryptocurrencies News

Kyber Network Price Prediction: KNC could be on the verge of a 50% correction

Kyber Network was trading as high as $2.04 on August 14 but plummeted to $1.04 just 22 days later, a 48% loss that clearly shows bears are in full control in the short and mid-terms.

More Cryptocurrencies News

Aave Price Analysis: LEND bulls will have to fight for $0.65 to regain control

Aave's LEND is the 29th-largest digital asset with the current market capitalization of $751 million and an average daily trading volume of $167 million. The token is most actively traded on Binance. 

More Crypto News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC crystal ball gives bulls a faint flicker of hope

Bitcoin staged a healthy recovery this week. The pioneer digital currency price took off from the support area of $10,000 and touched the next psychological line of $11,000.

Read the weekly forecast

BTC

ETH

XRP