Coinbase Reports Milestone in Bitcoin Transactions
Coinbase, the prominent cryptocurrency exchange, has reported that 15% of its Bitcoin transactions are now processed via the Lightning Network, marking a significant milestone for the platform. This integration, which took place in April 2024, was designed to enhance the efficiency and user experience of Bitcoin trading.
Significance of the Lightning Network Integration
Michael Rihani, the Product Director at Coinbase, emphasized the importance of this development, stating:
“The integration of the Lightning Network is a pivotal advancement in bolstering the Bitcoin ecosystem and enhancing payment systems. Achieving a 15% transaction rate in less than a year demonstrates its effectiveness. Thanks to our partnership with Lightspark, Bitcoin is evolving into a robust instrument for international transactions.”
Lightspark’s Role in Strengthening Payments
Lightspark is devoted to strengthening the global payment framework by leveraging the Lightning Network and has introduced various tools, including an SDK, to assist developers in utilizing the network.
Encouraging Bitcoin Investment
Furthermore, Coinbase is not only focused on streamlining transactions but is also keen on encouraging its users to build their Bitcoin portfolios. To this end, the exchange has announced the launch of the “Coinbase Bitcoin Income Fund” starting May 1, aiming for an annual return rate of 4% to 8%.
Commitment to Advancing Bitcoin’s Role
This initiative, coupled with their integration of the Lightning Network, showcases Coinbase’s commitment to advancing Bitcoin’s role in the payment landscape.
