To enhance the speed and affordability of Bitcoin (BTC) transactions, Coinbase has introduced Lightning Network support alongside major exchanges Binance, OKX, Kraken, and Bitfinex.

The leading American crypto exchange, Coinbase, recently integrated the Lightning Network into its platform to enable faster and more cost-effective payments. This move is expected to significantly reduce global BTC transaction costs by up to 20 times compared to the 2% fees on credit card transactions in the United States and the $30 charges associated with wire transfers.

The Lightning Network integration on Coinbase was initiated in collaboration with Lightspark, a lightning infrastructure provider led by David Marcus, the co-founder of PayPal. This partnership was announced earlier this month, signaling Coinbase's commitment to providing improved blockchain payment solutions to address the high costs and delays prevalent in traditional payment systems. With the Lightning Network now integrated, customers can enjoy instantaneous BTC transfers, a process that previously took between ten minutes to two hours for on-chain transactions.

Recognizing the significance of blockchain technology in revolutionizing traditional payment systems, Coinbase aims to offer faster, more affordable, and secure transactions through the Lightning Network. By enabling swift and economical access to funds, the platform seeks to bridge the gap in accessing financial services, particularly for underbanked and unbanked communities. This innovation is poised to unlock trapped capital currently subject to excessive fees and settlement delays, empowering users and businesses to maximize the utility of their finances.

Although the Lightning Network integration is a significant move by Coinbase, it is not yet accessible in all regions. According to the exchange's help center, users in New York and Canada do not have access to this service presently. Furthermore, the cost efficiency offered by the Lightning Network does not apply universally to all Coinbase transfers. While Coinbase is leading the way in enabling Lightning Network transactions, other major exchanges like Binance, Kraken, Bitfinex, and OKX have also embraced this advancement to provide enhanced transaction experiences for their users.