US cryptocurrency major Kraken allegedly started rolling out the Bitcoin (BTC) Lightning Network to users a bit later than the company had originally planned.
Hodl, a Bitcoin fanatic, tweeted on Wednesday that Kraken has implemented the Lightning Network. I have attached a screenshot of Kraken’s proposed new withdrawal process, which allows users to complete a Lightning Wallet withdrawal request to receive BTC from their account.
“The Lightning Network runs on top of the Bitcoin blockchain to enable the use of Bitcoin on a larger scale,” Kraken said in an onscreen message.
It appears that none of the other Kraken users have reported the alleged implementation of BTC Lightning on the platform so far. Instead, some Kraken customers said they did not have Lightning’s option to withdraw BTC from Tuesday, indicating that the Lightning implementation should be rolled out to all accounts within 24 hours.
The first reports of Kraken’s integration with BTC Lightning surfaced in mid-March based on data that appeared in Lightning Network Explorer, known as Amboss Space. Bitcoin Lightning fans have discovered a new Lightning node and shared their doubts about Lightning integration on social media.
An Amboss spokesperson told Cointelegraph on March 16 that the discoverer had received “network chatter” broadcasting a node pseudonym like Kraken with an octopus and lightning emoji, noting that any node could theoretically change the nickname and act like a scammer. “But this is a very large 7 BTC node,” the representative said, adding:
Kraken has not contacted us to verify that this site is yours, using a standard Twitter and digital signature verification process to verify ownership. But judging by their restricted channel guidelines, their choice of channel traps, the size of their nodes and channels look at this seems legit. ”
At the time of writing, the total estimated capacity of the Kraken node on Lightning is over 2.8 billion satoshis, or 28 BTC, according to Amboss.
A Kraken spokesperson declined to confirm or deny Cointelegraph’s implementation and noted that the exchange has long sought to fully support the Bitcoin Lightning network. The spokesperson noted that “instant settlement not only allows traders to implement the most effective arbitrage strategies using Bitcoin, but also allows consumers to use Bitcoin as a convenient medium of exchange as well as a store of value,” explaining:
“As a platform that prides itself on being at the forefront of innovation, and never sacrifices the security and quality of its entire stock market offering, Kraken sees rapid integration as a natural step.”
As previously reported, Kraken has officially announced plans to integrate the Bitcoin Lightning Network by the end of 2020 and plans to implement it by 2021. It was able to accept it. about.
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Released in March 2018, the Lightning Network is a Bitcoin protocol designed to enable faster and cheaper BTC transactions. Bitfinex is the world’s first crypto exchange to enable Lightning payments by integrating the protocol in December 2019.