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

XRP getting ready for a 50% upswing as consolidation hits the elastic limit

Ripple’s overhead barriers are still in place, as highlighted on the 4-hour chart. The seller congestion at $0.3 is an uphill battle, so is the 50 Simple Moving Average. 

More Ripple News

ADA technical and on-chain levels confirm a 60% explosion to $0.6

Cardano recently confirmed a breakout in away validating the 900% upswing prediction we discussed last week. Several hurdles have been shattered at the time of writing, including $0.3 and $0.35, adding credence to the potential breakout to $0.6.

More Cardano News

Yearn.Finance brushes shoulders with $40,000 overshadowing Bitcoin’s $36,000

Yearn.Finance has consistently recovered from the recent dip to $25,000. The price drop was not unique to the decentralized finance (DeFi) token but affected the entire cryptocurrency space. 

More Yearn.finance News

LINK squabbles under heavy selling pressure, downswing targets $16

Chainlink is up 10% in the last 24 hours and a whopping 52% in the previous seven days. After breaking above $20, LINK soared to a new record high at near $24. Meanwhile, the uptrend seems to have hit the ultimate point, as selling pressure finds its way back into the market.

More Chainlink News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC price faces extreme volatility ahead of a new all-time high

Bitcoin had a wild run this week, dropping from a high of $41,350 to a low of 30,420 in less than 48 hours. 

Read the weekly forecast

BTC

ETH

XRP