VICTORIA, Seychelles, Feb. 2,
2021 /PRNewswire/ -- OKEx (www.okex.com), a world-leading
cryptocurrency spot and derivatives exchange, is thrilled to
announce the integration of the Bitcoin Lightning Network, a
second-layer scaling solution based on the Bitcoin blockchain, in
the coming quarter. This major development will dramatically
decrease transaction fees and times, improving user experience on
the exchange. Lightning integration also highlights OKEx's deep
commitment to deep commitment to bringing the most advanced Bitcoin
technology to the world — and furthering the development of the
Bitcoin ecosystem.
Originally proposed by Joseph
Poon and Thaddeus Dryja in
2015 as a Layer 2 scaling solution, the Lightning Network is a
decentralized network that uses smart contracts on Bitcoin's
blockchain to facilitate instant payments across the network. An
off-chain scalability solution to Bitcoin's network congestion, the
Lightning Network acts as a payment protocol on top of the Bitcoin
blockchain, routing payments through participating nodes through a
peer-to-peer system that greatly reduces transaction fees and
times.
As BTC adoption becomes increasingly widespread and more users
interact with the Bitcoin blockchain, the cost of transactions
rises significantly, while transaction speed is greatly reduced.
Currently, the average BTC on-chain fee is more than $10 and takes between 10 to 30 minutes to
complete, discouraging many users from interacting with the
network. Integrating Lightning with the OKEx platform will allow
users to send and receive BTC in near real-time at next-to-no
cost.
As OKEx becomes a participant node in the Lightning Network,
users will be able to select the Lightning Network option when
depositing and withdrawing BTC.
"OKEx is extremely proud to be one of the first major exchanges
to integrate the Lightning Network. We are always looking for new
ways of decreasing user transaction fees and times. By integrating
Layer 2 payment protocols like the Lightning Network, we can offer
more competitive products to our users and, at the same time,
openly demonstrate our support for the Bitcoin network by
increasing the number of participant nodes in the Lightning
Network," commented OKEx CEO Jay
Hao.
"OKEx's Lightning integration marks a big step for its users and
the bitcoin community as a whole, enabling instant, global, low fee
transactions. OKEx's leadership in adopting Lightning will help
bring bitcoin to the next billion people around the world," said
Elizabeth Stark, CEO and Co-Founder
at Lightning Labs.
About OKEx
A world-leading cryptocurrency spot and derivatives exchange,
OKEx offers the most diverse marketplace where global crypto
traders, miners and institutional investors come to manage crypto
assets, enhance investment opportunities and hedge risks. We
provide spot and derivatives trading — including futures, perpetual
swap and options — of major cryptocurrencies, offering investors
flexibility in formulating their strategies to maximize gains and
mitigate risks.
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SOURCE OKEx