• May 21, 2024

Satoshihodler.com

All the latest cryptocurrency news

Kraken Adds Support for the Lightning Network

Reading time: < 1 minute

US crypto exchange Kraken has added support for the Lightning Network (LN) to provide customers with instant settlement of transactions in Bitcoins.

The Lightning Network is a scalable solution, or layer 2, built on top of the Bitcoin blockchain that allows users to quickly send and receive BTC with virtually no fees.

According to the trading platform, the network can perform millions of transactions per second (tps). For comparison, Visa processes “just” about 65,000 transactions per second.

According to Kraken, the Lightning Network payment channel system does not add intermediate transactions to the blockchain, keeping them offline, ensuring instant and efficient transfer of funds. These off-chain channels are protected by multi-signature and temporary blocking features.