• Coinbase – the largest and most popular crypto exchange in the U.S. – has confirmed it’s going to be integrating the bitcoin Lightning Network onto its platform.
• The idea is that it helps move various (smaller) bitcoin transactions off-chain, thus ensuring the network has less baggage to deal with.
• Coinbase recently announced it received a Wells notice from the Securities and Exchange Commission (SEC), which has become a major bully on the crypto playground.
Coinbase Integrating Bitcoin Lightning Network
Coinbase – the largest and most popular crypto exchange in the U.S. – has confirmed it’s going to be integrating the bitcoin Lightning Network onto its platform, thus ensuring bitcoin transactions scale and move along at quicker paces. The idea is that it helps move various (smaller) bitcoin transactions off-chain, thus ensuring the network has less baggage to deal with, making transfers faster and cheaper when being transferred between wallets.
The Perfect Match?
The news involving the Lightning Network was announced on Twitter by Brian Armstrong, CEO of Coinbase, stating: “Lightning is great and something we’ll integrate.“ Gabor Gurbacs, a crypto entrepreneur and advisor to Van Eck responded positively saying: “Looking forward to seeing Lightning support on Coinbase.“
Recent Drama With SEC
The news comes at an interesting time given Coinbase is dealing with quite a bit right now. Not long ago, Coinbase announced receiving a Wells notice from the Securities and Exchange Commission (SEC). The agency has made a living out of attacking crypto firms such as Kraken, which was recently forced to part with a $30 million penalty fee and end all its staking services. A Wells notice doesn’t charge a company with any crime but serves as warning for future charges so companies have time to prepare their legal defense team if needed.
It seems unclear if Coinbase has truly done something wrong or if this is just another attempt on SEC’s part to stop cryptocurrency innovation in US since there have been several other cases against crypto companies over past two years without any admittance of guilt from either side . It appears that SEC is trying to make money out of digital currency enterprises by levying hefty fines despite lack of evidence of wrongdoings from these firms.
Overall Outlook Positive
The news surrounding integration of Lightning Network into Coinbase platform seems largely welcomed by BTC community as well as those involved directly or indirectly in cryptospace although recent drama with SEC does cast some doubt about future plans related cryptos or blockchain technology in US in general.