Bitfinex integrates instant payments with Bitcoin’s Lightning Network

  • The cryptocurrency exchange Bitfinex becomes the first to integrate Bitcoin’s Lightning Network to its platform for deposits and withdrawals.
  • Bitfinex and Bitrefill partner to support deposits and withdrawals on the Lightning Network.

Bitfinex has announced the enabling of payments with Bitcoin’s Lightning network. The Hong Kong-based exchange is the first to enable this option for its users. The cryptocommunity has received the news with enthusiasm and is expected to continue to drive the adoption of cryptocurrencies forward.

Bitcoin’s Lightning network is a second layer Bitcoin blockchain scaling solution for micropayments with Bitcoin. The decentralized network emerges, in 2018, as an alternative that improves scalability in the blockchain. The operations that are done with the LN are instantaneous and do not require intermediaries. Transactions are made through payment channels. Transactions between sender and recipient are not written in the blockchain until the channel is closed. This mechanism allows the transaction to be executed immediately.

Deposits and withdrawals with the Lightning Network

Bitfinex made the announcement through its account on the social network Twitter. It is part of the two new integrations that will be integrated on the platform and, according to Bitfinex, will completely change the experience of users.

Paolo Ardoino, Chief Technology Officer of Bitfinex made a comment on this development. He stated that the LN is the best solution for peer-to-peer micropayments and was enthusiastic about the benefits it will bring to Bitfinex users. He highlighted Bitfinex’s pioneering role as one of the first exchanges to incorporate LN into its plattform.

It was also revealed that Bitfinex runs its own Lightning network node. Users can log in and open a payment channel to make deposits and withdrawals directly from Bitfinex, starting December 3 of the current year.

Cooperation of Bitfinex and Bitrefill to drive adoption forward

In addition, Bitfinex and Bitrefill have announced a cooperation. The company that facilitates the purchase of gifts and cell phone top-ups has also made this public through its Twitter account.

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The alliance is based on Bitcoin’s LN and will be accompanied by a strategy aimed at encouraging the use and adoption of the instant payment solution.

Bitfinex, as reported by CNF, has been facing legal problems. A study would have confirmed its involvement in the alleged manipulation of the Bitcoin price. According to the study, Bitfinex would have used the stablecoin, Tether, to do this.

So far, the exchange platform and the stablecoin have two dependent demands. The outcome of these legal proceedings could be decisive in the future of the exchange.

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The price of Bitcoin is $ 7327 USD and presents a slight loss (0.13%) in the last 24 hours. It remains to be seen whether the initiative of Bitfinex will result in greater adoption of Bitcoin and other cryptocurrencies.

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About Author

Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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