OKCoin Exchange Implements Lightning Network Support

Cryptocurrency exchange OKCoin has announced support for the Lightning Network (LN) layer-two protocol to "reducebitcoin transaction fees from about $ 10 to a few cents. "

We’re proud to announce that OKCoin willintegrate the @lightning network allowing for near instant withdrawls and reducing bitcoin network fees from ~ $ 10 to pennies. https://t.co/FHt5EkWOMZ #bitcoin #btc $ btc

— OKCoin (@OKCoin) January 22, 2021

The LN integration will be completed in the first quarter of this year. OKCoin has pledged to significantly increase transaction speed and reduce minimum withdrawal requirements.

“Transactions will be confirmed withina few seconds, not an hour. It will also lower our current minimum threshold for withdrawals and deposits from 0.001 BTC or 100 thousand satoshi (~ $ 35) to 0.000001 BTC or 100 satoshi (~ $ 0.04), ”the company blog says.

At the time of this writing, the LN network has 15,942 nodes connected by 36,559 payment channels. The network capacity is 1,048 BTC.

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Previously, support for the Lightning Network was announced by the Kraken exchange.

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