Lightning Network Bitcoin Deposits Now Live on Binance

Oliver Knight

Updated 17 July 2023 at 11:05 am·1-min read

Bitcoin (BTC) holders can now deposit their assets to the crypto exchange Binance using the Lightning Network, according to an announcement.

Binance has completed integration after stating last month that it had set up Lightning Network nodes.

Depositing bitcoin via Lightning is faster and cheaper than on the main blockchain; the base fee on lightning is $0.04, whereas regular bitcoin deposits spiked to as high as $30 in May, according to ycharts. Transactions also settle in under a minute, with regular bitcoin transactions taking roughly 10 minutes per confirmation.

The Lightning Network, which is often called "Bitcoin's second layer," was designed in 2016 to speed up transaction times and assist with network congestion. The network currently has a capacity of $147 million with 69,395 payment channels, according to 1ml data.

Binance join the likes of Bitfinex and Kraken in offering Lightning Network deposits, with Coinbase (COIN) CEO Brian Armstrong recently suggesting that his exchange will also integrate the scaling solution in future.

The Daily Beast
Conservatives Routed in Worst Election Result for 200 Years
LONDON—The Conservatives, the world’s winningest political party, were booted out of power in dramatic style on Thursday after 14 years of chaotic and divisive rule.The Labour Party had secured a landslide victory, ending an era of Conservative rule over Britain that stretches back to 2010; the year that the iPad and Instagram were launched and Lady Gaga wore that meat dress to the MTV music awards.In that time, the Conservatives have cycled through five leaders, each of them dragging the party
Malay Mail
E-hailing driver faces charges over assault on female passenger caught on video, say police
KUALA LUMPUR, July 5 — Brickfields district police chief ACP Ku Mashariman Ku Mahmood today said that an e-hailing drive...
The Telegraph
‘I’ve lost my job and my house, but my wife and I are worth £650m – how can we pay less tax?’
Rishi Sunak, 44, finds himself in a bind. After a highly successful career in the City of London, followed by a brief but eventful spell in politics, he has suffered a serious demotion and been evicted from his home.
Malay Mail
When Ms ‘Malaysia’ visits Malaysia: American tourist gets warm welcome from locals awed by unique name (VIDEO)
KUALA LUMPUR, July 5 — An American tourist decided to visit Malaysia for a special reason: Malaysia also happens to be h...
Cinema Online
Joyce Chen confirms she has become a mother
The TVB actress shares photos of her and her daughter, not revealing partner's identity
NextShark
74-year-old woman dies after being shoved in front of San Francisco train
Corazon Dandan died after being pushed into an oncoming BART train at San Francisco’s Powell Street Station at around 11 p.m on Monday night. The suspect, 49-year-old Trevor Belmont, also known as Hoak Taing, was arrested at the scene and booked into the San Francisco County Jail on suspicion of homicide and elder abuse. Dandan, who was Filipino American, was a dedicated telephone operator at the Westin St. Francis and other hotels.
Reuters
China anchors 'monster ship' in South China Sea, Philippine coast guard says
The Philippine Coast Guard (PCG) said on Saturday that China's largest coastguard vessel has anchored in Manila's exclusive economic zone (EEZ) in the South China Sea, and is meant to intimidate its smaller Asian neighbour. The China coastguard's 165-meter 'monster ship' entered Manila's 200-nautical mile EEZ on July 2, spokesperson for the PCG Jay Tarriela told a news forum. The PCG warned the Chinese vessel it was in the Philippine's EEZ and asked about their intentions, he said.
CNN
Opinion: What Britain’s first Asian prime minister meant to my family
The defeat of the Conservative Party in the UK election ends Rishi Sunak’s two-year premiership. Does it also sour the story of Britain’s first Asian prime minister, asks Sunder Katwala.
Malay Mail
Immigration nabs 75 in Klang Valley prostitution crackdown
KUALA LUMPUR, July 6 — The Immigration Department conducted a crackdown on a foreign prostitution syndicate in the Klang...
The Guardian
Portugal v France: a galactic battle lost in the black hole of one man’s ego
This Euro 2024 clash could have been an all-time great quarter-final, and instead a part of it was stolen
Malay Mail
PKR-linked think-tank says Sungai Bakap race too close to call
KUALA LUMPUR, July 5 — Pakatan Harapan’s Joohari Ariffin could win the Sungai Bakap by-election in Penang tomorrow if hi...
INSIDER
How Obama mentored the new UK prime minister to help him tell his story
The leader of the Labour Party, Keir Starmer, has been mentored by Barack Obama. The relationship is likely to continue if Starmer wins the UK election.
Malay Mail
Too late to sue me for RM1.6b, Rosmah tells 1MDB, others
KUALA LUMPUR, July 5 — Datin Seri Rosmah Mansor has contended that 1MDB and 10 other entities could no longer sue her fo...
Malay Mail
Police: Man sodomised by foreigner he met in PJ condo gym
PETALING JAYA, July 6 — A local man has alleged he was sodomised against his will by a foreigner he met at the gym of th...
Yahoo News UK
Seven moments over 14 years that destroyed the Conservative government
The Tories have lost the 2024 general election with the worst results in the party's history. Here are the key moments that brought them down.
The Independent
‘Brave’ police dog dies while chasing attempted murder suspect through park
‘PD Zyla died in the line of duty and will always be remembered for her bravery,’ police said in a statement
INSIDER
China-made military drones similar to the MQ-9 Reaper were disguised as wind turbines in shipments to Libya: Italian officials
The Times of London reported on Sunday that the drones were the Chinese-made Wing Loong, aligning with specifications released by Italian officials.
Malay Mail
DNA test confirms skeleton found in Batu Pahat is missing teen
BATU PAHAT, July 5 — Police have confirmed that the human skeletal remains found in bushes near a durian orchard close t...
Cinema Online
Michelle Wai's fiance popped the question on her birthday
The actress shares details of the proposal a week after announcing engagement
People
Michelle and Barack Obama Celebrate Daughter Malia's Birthday with Sweet Throwback Photos: 'Still Willing to Hold Your Dad’s Hand'
"You deserve the world and more," Michelle wrote to her daughter on Instagram

Latest stories