March 8, 2021

OKEx will start supporting Lightning Network

OKEx will start supporting Lightning Network

In the near future, OKEx cryptocurrency exchange will add support for the Bitcoin Lightning Network protocol.

According to the CEO of the exchange Jay Hao, the update should provide access to cheaper and faster bitcoin transactions. Bitcoin deposits and withdrawals will also get cheaper.

At the moment, the average price of one BTC transaction is $ 11, and the average confirmation time is from 10 to 30 minutes.

The CEO said that with the help of the Lightning Network, the exchange will be able to reduce the transaction cost to “less than 0.01 cents” and the average confirmation time to “1-3 seconds”.

And while integrating cheaper and faster payments will benefit everyone, there are certain limitations in the Lightning Network. It mainly deals with micro-transactions.

In other words, there is a limit on bitcoin withdrawal. Hao clarified - “the withdrawal limit will be from 0.000001 BTC to 0.05 BTC [from $ 0.035 to $ 1.770]”.

While the CEO did not give an exact launch date for the new service, he said the integration work should be completed in March this year.

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According to the materials https://www.theblockcrypto.com/post/93364/okex-bitcoin-lightning-network-support-plan