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Coinbase CEO Brian Armstrong says the largest US-based crypto exchange is adding support for Lightning Network, a layer-2 scaling solution for Bitcoin (BTC<\/a>) that aims to address scalability issues.<\/p>\n In a statement, Armstrong says<\/a> Coinbase is working to add Lightning given the significance and importance of Bitcoin in the digital asset space.<\/p>\n \u201cWe\u2019ve made the decision to integrate Lightning. Bitcoin is the most important asset in crypto and we\u2019re excited to do our part to enable faster\/cheaper Bitcoin transactions. Will take some time to integrate so please be patient.\u201d<\/em><\/p>\n Coinbase previously issued a statement saying that Lightning can revolutionize payment systems and disrupt<\/a> the $150 billion industry currently dominated by Visa and Mastercard.<\/p>\n \u201cLightning has the potential to replace existing payment processors for fiat transactions without the consumer knowing that BTC was used as the underlying settlement layer.<\/em><\/p>\n Visa and Mastercard are the world\u2019s dominant payment processing networks. By collecting 2\u20133% transaction fees every time someone swipes a debit or credit card, they pulled in $24B in 2021. Payment processors leveraging the Lightning Network could undercut that.\u201d<\/em><\/p>\n Armstrong already unveiled Coinbase\u2019s interest in integrating Lightning last month. In response, Square CEO Jack Dorsey says<\/a> he is willing to work with the exchange\u00a0in building a Bitcoin payment system.<\/p>\n \u201cPutting more of your resources towards your original focus on Bitcoin and layer-2 technologies would be amazing and we\u2019d be happy to partner.\u201d<\/em><\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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