Bitfinex Launches Backing to Lightning Network

HONG KONG – Bitfinex declared the adoption of Lightning Network in an attempt to enhance the network abilities of the core scheme.

Bitfinex was founded in 2012, and it’s an international applauded peer-to-peer digital asset trading exchange that satisfies the needs of its customers from different areas of the world.

This cryptocurrency exchange platform is Hong Kong-based. It provides an assembly of unparalleled cryptocurrency exchange services via its P2P financing market. Moreover, this company is owned and supervised by iFinex Inc. Also, it currently functions as a vast client community across 52 countries.

The devoted team of experts of Bitfinex cryptocurrency exchange has been in a steady attempt to improve the user-experience by filling the best industrial advancements in the ecosystem. This crypto platform unveils the adoption of the groundbreaking Lightning Network in its program. The adoption is an initial effort to enhance the network aptitudes of the core system.

The Bitfinex’s CTO, Paolo Ardoino, stated that they strive to stay at the forefront of the technology progress of Bitcoin as commerce pioneers.

The Lighting Network is a Layer 2 payment procedure, which has been intended to settle bitcoin payments secured, faster, more privacy-driven, and economical. This protocol serves as a set of regulations that work ahead of blockchain-supported digital assets, which lets fast transactions among the contributing nodes. These nodes spoil in dealings with each other, even without showing all on the blockchain network. Furthermore, the blockchain is place to utilize on the final settlement of capitals, and it’s done when the settlement channels are closed.

Ardoino added that Bitfinex users could look ahead to more efficient and cost-effective Bitcoin transactions by supporting a Lightning Network node on their program.

Bitfinex has been a developer in the cryptocurrency area since day one, and it’s providing services and products to the clients who are the best and innovative in the business. The incorporation of the Lightning Network to this crypto platform is possible to open opportunities for success for the digital asset exchange. It might also become the P2P payment layer of Bitcoin in the future. Moreover, the trade has been the first leading cryptocurrency trade to allow withdrawals and deposits through the Lightning Network.

Ardoino said that Bitfinex is committed to developing the Lightning Network on its platform. It’s to boost the competitiveness of Bitcoin as a way of payment, which brings Bitcoin closer to getting mass adoption.

Bitfinex chooses Lightning Network because this platform can aid in carrying out micropayments for a lower price. Also, it helps in removing the scalability issues concerning to Bitcoin by assisting numerous transactions each second without the need of custodians.