Some large cryptocurrency exchanges place a higher priority | Global CRYPTO News
Some large cryptocurrency exchanges place a higher priority on industry developments such as NFTs than on the Lightning Network.
Lightning, according to Coen, allows users to not only move Bitcoin at a lesser cost, but also to keep genuine Bitcoin.
Other exchanges, such as Coinbase, are also unlikely to add Lightning support in the near future, according to the Lightning enthusiast, “since the focus appears to be to incorporate as many cryptocurrencies as possible and follow market trends.” Coinbase looks to place a higher priority on nonfungible token (NFT) support than Lightning, according to Coen, who cites the company’s official NFT initiative from last year. The expert’s thoughts reflected some of the community’s own.
Lightning is becoming more of a need than cutting-edge technology.
According to certain members of the community, Lightning is still a cutting-edge technology, hence huge crypto exchanges are taking a long time to implement it.
With exchanges such as Bitfinex, OKX (previously OKEx), and Kraken implementing Lightning, “it’s becoming less cutting edge and more of a requirement to be competitive,” according to a representative for the Amboss explorer.
“The Lightning user experience is superior, and exchange users will be seeking for the most convenient way to deposit and withdraw funds from their preferred exchange.” Users that need to perform rapid trades require lightning support, according to the spokesman.
The Lightning Network is a Bitcoin layer-two protocol that was launched in March 2018 with the goal of making BTC transactions quicker and more affordable. By implementing Bitcoin Lightning support for payments in December 2019, Bitfinex is thought to be the first cryptocurrency exchange in the world to do so.
