In a blog post released on July 17, Binance announced that its users now have the ability to leverage a layer-2 scaling solution for withdrawing Bitcoin. Moreover, the exchange has allocated Bitcoin deposit addresses specifically for the Lightning Network. As a result, users can now access their Bitcoin deposit address on the Lightning Network through Binance. Later last month in June, Binance CEO Changpeng Zhao confirmed that they have been working on integrating Bitcoin Lightning. Binance is using the Lightning Network to make Bitcoin transactions faster and more scalable. This technology allows for smoother user experiences by reducing transaction costs and speeding up settlement times.
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