Users of American-based cryptocurrency exchange Coinbase can now access the full benefits of the Lightning Network from their native exchange accounts. This news was confirmed from an official tweet by Bitrefill on June 25, the brains behind this initiative.
According to the report, the new initiative by Bitrefill, is the benefit provided by its new Thor API that enables multiple users to create custom-made channels on the Lightning Network irrespective of if their native platforms support Lightning Network or not, using Bitrefill nodes. The Thor API also gives them the opportunity to pay Lightning invoices from their Coinbase accounts.
The Lightning Network was launched to reduce Bitcoin’s scalability limitations by opening state channels between users, thereby reducing the bulk of transactions on the blockchain as majority of the transactions are transferred off-chain.
Blockchain Lightning Ramp had also projected Bitrefill’s third party Lightning integration with Coinbase in a report disclosed last year.
The launch of Bitrefill’s new service on Coinbase, comes amid Coinbase’s uncertainty as to whether to launch native Lightning support or not. The CEO of Coinbase, Brian Armstrong, earlier disclosed in January 2019, he said:
“Bitcoin remains the most popular asset on Coinbase among new customers and longtime hodlers alike. It’s great to see steady progress continue, including lightning network adoption and more.”