Armstrong confirmed that Coinbase was looking into adding
support for Bitcoin Lightning while reassuring his support for Bitcoin payments.
Brian Armstrong, the CEO of Coinbase, confirmed that the crypto exchange is “looking into” adding the Bitcoin
Lighting network in its quest to spread crypto payments adoption across the globe.
On July 28, Armstrong addressed the crypto community on Twitter (rebranded to X),
highlighting the potential of cryptocurrencies to improve global payments infrastructure. He further suggested:
“This will take lots of work from all of us, Coinbase included, getting layer 2’s integrated, better on-ramps, simpler UX/onboarding, etc.”
Armstrong’s vision for global crypto payments was questioned by long-standing
Bitcoin supports — including MicroStrategy founder Michael Saylor and Square CEO Jack Dorsey — given no mention of Bitcoin in the post, as shown below.
The Lightning Network aims to make Bitcoin transactions faster and cheaper
by allowing users to create off-chain transaction channels. While Saylor simply
recommended integrating Bitcoin Lightning on Coinbase, Dorsey questioned
“what “crypto” is a better money transmission protocol (than Bitcoin) and why?”
After 5 days of silence, Armstrong responded to Dorsey, stating:
“Not sure why you think we’re ignoring Bitcoin – we’ve onboarded more people to Bitcoin than probably any company in the world.”
Armstrong confirmed that Coinbase was looking into adding support for Bitcoin Lightning while
reassuring his support for Bitcoin payments. Dorsey acknowledged
Coinbase’s role in spreading Bitcoin adoption and agreed to partner
with Armstrong in putting resources into Bitcoin and layer 2 technologies, adding:
“We want an open protocol for money transmission for the internet that’s not controlled by a single individual, company, or government.”
The open discussion between the two crypto entrepreneurs concluded with both pledging to be on the same team.
On July 17, Binance completed the integration of Bitcoin Lightning Network within a month of sharing its intention to do so.
Binance has joined Bitfinex, River Financial, OKX, Kraken and CoinCorner
as the other prominent exchanges to have embraced the Lightning Network.