Bitfinex is pushing for mainstream adoption of the Lightning Network.
The cryptocurrency change introduced in an e mail on Monday that it’s going to assist Lightning Network deposits and withdrawals beginning Dec. 3. The firm can be working to carry its stablecoin USDT and Tether Gold onto the community, Bitfinex CTO Paolo Ardoino informed The Block.
Bitfinex is likely one of the first main exchanges to supply Lightning Network assist. With the brand new function, Bitfinex customers can withdraw and deposit bitcoins on the change immediately over the Lightning Network, a second layer on the bitcoin blockchain to scale the community.
According to Ardonio, the change sees guarantees within the Lightning Network and hopes to carry the protocol to the lots.
“In Bitfinex, we think that it [the Lightning Network] can be the game-changer of our industry, since it enables P2P micro-payments with small fees and high throughput. Its P2P nature carries the unstoppable force of bitcoin. Still it requires more awareness, understanding and adoption from the larger crypto community. A major exchange supporting it will speed up this adoption process,” mentioned Ardoino.
As a part of this effort, Bitfinex can be working with a gaggle of builders and corporations known as RGB to launch its stablecoin Tether and gold-backed stablecoin Tether Gold on the Lightning Network, mentioned Ardoino.
“This is a further acknowledgment of the commitment we have for this technology,” Ardoino mentioned.