VICTORIA, Seychelles, February 2, 2021 / PRNewswire / – OKEx (www.okex.com), a leading global cryptocurrency and derivatives exchange, is pleased to announce the integration of the Bitcoin Lightning Network, a second tier scaling solution based on the Bitcoin blockchain, into the EU coming quarter. This important development will drastically reduce transaction fees and times and improve the user experience on the exchange. The Lightning integration also underscores OKEx’s great commitment to bring the most advanced Bitcoin technology to the world – and to advance the development of the Bitcoin ecosystem.
Originally proposed by Joseph Poon and Thaddeus Dryja In 2015, the Lightning Network as a layer 2 scaling solution is a decentralized network that uses smart contracts on the Bitcoin blockchain to enable instant payments across the network. The Lightning Network is an off-chain scalability solution for congestion on the Bitcoin network and acts as a payment protocol over the Bitcoin blockchain. It forwards payments through participating nodes via a peer-to-peer system, which significantly reduces transaction fees and times.
As BTC becomes more prevalent and users interact with the Bitcoin blockchain, the cost of transactions increases significantly while the transaction speed is significantly reduced. Currently, the average BTC on-chain fee is more than $ 10 The process takes anywhere from 10 to 30 minutes and discourages many users from interacting with the network. By integrating Lightning with the OKEx platform, users can send and receive BTC in near real time and almost free of charge.
When OKEx becomes a participant node on the Lightning Network, users can select the Lightning Network option when depositing and withdrawing BTC.
“OKEx is very proud to be one of the first major exchanges to integrate the Lightning Network. We are always looking for new ways to reduce user transaction fees and times. By integrating Layer 2 payment protocols such as Lightning Network, we can be more competitive products for our users and at the same time openly demonstrate our support for the Bitcoin network by increasing the number of participant nodes in the Lightning network, “commented OKEx CEO Jay Hao.
“OKEx’s Lightning integration is a big step forward for its users and the Bitcoin community at large, enabling instant, global transactions with low fees. OKEx’s leadership in launching Lightning will help bring Bitcoin to the next billion people around the world, “he said Elizabeth Stark, CEO and Co-Founder at Lightning Labs.
OKEx is a leading global exchange for cryptocurrencies and derivatives, offering the most diverse market in which global crypto traders, miners and institutional investors can manage crypto assets, improve investment opportunities and hedge risks. We offer spot and derivatives trading – including futures, perpetual swaps, and options – for major cryptocurrencies, giving investors flexibility in formulating their strategies to maximize profits and reduce risk.