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.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
