Crypto exchange OKEx integrates Bitcoin’s Lightning Network

Apr 19, 2021 | The Block News | 0 comments


Crypto exchange OKEx has now integrated Bitcoin’s Lightning Network after first announcing its plan to do so in February.

OKEx users can now use the Lightning Network, a Layer-2 scaling solution for bitcoin, for deposits and withdrawals. The feature is currently live on OKEx’s desktop website, with mobile to be followed. 

With the Lightning Network, the average cost of bitcoin transactions will come down to “less than 0.01 cents,” OKEx CEO Jay Hao told The Block in February. Whereas average transaction confirmation time will reduce to “1-3 seconds,” Hao said at the time.

While there seem to be cost and speed benefits with the Lightning Network, there are certain limitations. The network is primarily meant for smaller transactions. Hao told The Block in February that OKEx would set a limit of up to 0.05 BTC (currently worth around $2,830) on transactions. 

It is not clear whether the transaction limit has changed since then. The Block has reached out to OKEx and will update this story should we hear back.

The Lightning Network was launched in 2018. A number of crypto exchanges currently support the network, including OKCoin, Bitfinex, and Bitstamp. Earlier this year, Kraken also announced its plan to integrate the network. Other U.S.-based exchanges, such as Coinbase and Gemini, do not currently support the network.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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