- Coinbase says it will add support for the Bitcoin Lightning Network.
- Cathie Wood praises the cryptocurrency exchange’s decision.
- Coinbase stock is down nearly 30% from its YTD high.
Coinbase Global Inc has decided to integrate the Lightning Network with the goal of making Bitcoin a viable option for faster and cheaper global payments.
How long does it take to integrate?
The cryptocurrency exchange has been looking to add support for the Lightning Network since early August. On Wednesday, CEO Brian Armstrong wrote on X (formerly Twitter):
We decided to integrate Lightning. Bitcoin is the most important asset in cryptocurrency and we are excited to do our best to enable faster and cheaper Bitcoin transactions.
However, he did not say how long the integration would take.
This announcement comes just over a month after Coinbase released second-quarter financial results that significantly exceeded Street estimates. At the time of writing, the cryptocurrency company’s stock price is down nearly 30% from this year’s high.
Cathie Wood Recommends Coinbase for Decisions.
Coinbase Global follows California-based Block Inc.’s mobile payments service Cash App. In response to today’s announcement, cathy wood Ark Invest’s X wrote:
Coinbase’s integration with Lightning will provide faster and cheaper Bitcoin transactions for its 100 million users. Thank you Coinbase!
Other celebrities who have expressed support for the Lightning Network include Michael Saylor, chairman of MicroStrategy Inc.;
David Marcus, former chairman of PayPal, also reiterated his commitment this week to transform Bitcoin into a global payments network (read more). Currently, the BTC price is about 20% below its highs at the beginning of the year.