Crypto exchange WhiteBIT said it has integrated the Bitcoin Lightning Network, giving users a new way to deposit and withdraw BTC through the second-layer payment system. The rollout is powered by BTC infrastructure provider Voltage.
Lightning deposits and withdrawals go live on WhiteBIT
WhiteBIT announced on Thursday that users can now move bitcoin over the Lightning Network for faster and more efficient fund transfers. The exchange said transactions can be made by using either a QR code or payment details.
According to the company’s announcement, Lightning deposits carry a 0.25% fee and withdrawals are charged 0.15%.
CEO says the move fits WhiteBIT’s broader goal
In a statement, WhiteBIT founder and CEO Volodymyr Nosov said: "WhiteBIT’s mission is to make blockchain technology accessible and widely adopted by delivering practical, user-friendly solutions for digital assets. Adding Lightning support brings us closer to this goal as we are making Bitcoin faster and more useful for customers who want to top up accounts, send and receive funds, and use Bitcoin across more real-world flows."
WhiteBIT, which is based in Zug, said the launch supports a faster Bitcoin rail for use cases including remittances, exchange funding, merchant-style QR payments, and interoperability with Lightning-enabled wallets and applications.
More exchanges have adopted Lightning
Bitcoin Magazine noted that several major exchanges, including Coinbase and Kraken, have integrated the second-layer network in recent years.
According to CoinGecko data cited in the report, WhiteBIT is the 17th largest exchange by transaction volume.
Lightning usage has risen this year
The report said transaction volume on Lightning has surged this year. It added that, broadly, exchanges are using the network to move funds because it is cheap and fast.
Launched in 2018, Lightning was previously promoted for smaller payments such as tipping or buying a cup of coffee. The report also said the network offers more privacy than Bitcoin’s main chain because payments are settled off-chain instead of being recorded on the public blockchain, making individual transfers harder to trace.
This article was first published by Bitcoin Magazine and written by Mathew Di Salvo.