Cryptocurrency exchange OKCoin announced support for the Lightning Network (LN) Layer 2 protocol to “reduce bitcoin transaction fees from about $ 10 to just a few cents.”
We’re proud to announce that OKCoin will integrate the @lightning network allowing for near instant withdrawls and reducing bitcoin network fees from ~ $ 10 to pennies. https://t.co/FHt5EkWOMZ #bitcoin #btc $ btc
– OKCoin (@OKCoin) January 22, 2021
The LN integration will complete in the first quarter of this year. OKCoin has pledged to significantly increase transaction speed and reduce minimum withdrawal requirements.
“Transactions will be confirmed within a few seconds, not an hour. It will also lower our current minimum threshold for withdrawal and deposit from 0.001 BTC or 100 thousand satoshi (~ $ 35) to 0.000001 BTC or 100 satoshi (~ $ 0.04), ”the company blog says.
At the time of this writing, the LN network has 15,942 nodes connected by 36,559 payment channels. The network capacity is 1,048 BTC.
Previously, support for the Lightning Network was announced by the Kraken exchange.
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