Kraken Exchange Integrates with Bitcoin's Lightning Network

dkbit98

legendary

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Great news to hear and it's one more proof that Lightning Network adoption is growing all the time, despite what haters are trying to say.
According to lightningnetworkstores website there are total of 48 exchanges that now accept LN Bitcoin deposits and/or withdrawals, but Kraken is certainly biggest one along with Bitfinex, Okex and Bitstamp.
https://lightningnetworkstores.com/?tags=exchange

Quote from: Despairo on April 01, 2022, 10:12:01 PM

I think Bitfinex also popular and they have integrated with LN in the previous year, this is the list https://github.com/theDavidCoen/LightningExchanges

Combine that list with one I posted above and you will have good amount exchanges you can use for trading in Lightning Network.

Despairo

hero member

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Though lightning network (LN) exist since 2018, but I wouldn't say Kraken is late to integrate with LN because many popular exchange e.g. Binance, Coinbase, Kucoin, and FTX doesn't integrated with LN yet. Perhaps when the fees is high and many users start shift to exchange who support LN, they will do something.

Quote from: fiulpro on April 01, 2022, 07:26:38 AM

There are very few exchanges in the market at the moment who have the support for the lightning network, few of them being very less known, which does mean that kraken might be the most famous one out there with lightning network integration.

I think Bitfinex also popular and they have integrated with LN in the previous year, this is the list https://github.com/theDavidCoen/LightningExchanges

fiulpro

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There are very few exchanges in the market at the moment who have the support for the lightning network, few of them being very less known, which does mean that kraken might be the most famous one out there with lightning network integration.
This was very important since the network's fee has to be controlled and we can see an increase in the price anytime, making it more difficult for users to transfer small amounts. This would also have a scope for the improvement of the lightning network as well. The more it would be in the usage, the more it would be better overall.
Many issues were already sorted out in 2021 will it's capacity reaching all time high in 2022.
I think it's a great move, they are late ofc, but still people are going to be benefited from this no doubt!! Hopefully other exchanges would also see this and get motivated to add lightning network as well.

ABCbits

legendary

Activity: 2870

Merit: 7490

Crypto Swap Exchange

I checked their support page[1] and found out the withdraw fee is 0.00001 BTC (1000 satoshi). While it's 50% cheaper than on-chain withdraw, surely it could be lower. Either way, i agree it's better late than never.

[1] https://support.kraken.com/hc/en-us/articles/360000767986-Cryptocurrency-withdrawal-fees-and-minimums

LFC_Bitcoin

legendary

Activity: 3556

Merit: 9709

#1 VIP Crypto Casino

Kraken is my exchange of choice, they lead in every important aspect, in my opinion. The website design, user interface, security, deposit & withdrawal speeds are superb. I wouldn’t use anybody else tbh, this news doesn’t come as a surprise to me, it’s obviously greatly received.

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Well, they only missed the promise by a year, I wonder if those damn exchanges are not really turning into banks the way they start activating, getting slower and slower in implementing anything useful but spamming their users with tons of useless garbage money-losing services.

Quote from: mk4 on April 01, 2022, 05:48:50 AM

Better late than never, that's for sure. It's just funny that Lightning has finally been integrated, right now when transaction fees have been very cheap for a while now lmao. But at least it's ready once fees skyrocket again.

Yeah, they made their move finally when the actual usage is continuously dropping, if they and all other exchanges would have implemented that years ago and not mess with shitcoins and Defi and NFT nobody right now would even remember there were discussions about fees.
Let's see if Binance follows, they are the biggest spammers on the network right now, but with I doubt they will be eager to implement it, after all this will mean BNB will take a serious hit.

mk4

legendary

Activity: 2870

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Paldo.io 🤖

Better late than never, that's for sure. It's just funny that Lightning has finally been integrated, right now when transaction fees have been very cheap for a while now lmao. But at least it's ready once fees skyrocket again.

wtsimis

full member

Activity: 367

Merit: 136

Kraken has now merged with Bitcoin's Lightning Network. Users of Kraken can now deposit and withdraw up to 0.1 BTC with instant and cheap Lightning payments, and Kraken joined the Lightning Network with its own LND Lightning node. Now the customers of Kraken can instantly deposit and withdraw BTC with low fees through the Lightning Network.

Quote

A spokesman from Kraken said, "Adoption is going to come from people who have fiat in their bank account, and they need to get it into Bitcoin. Kraken is providing an excellent venue for them to do that, and then they can top up their mobile Lightning wallet and use it as a medium of exchange. That's clearly the next step in terms of Bitcoin's evolution. Lightning is a lot more efficient than on-chain Bitcoin while also still relying on on-chain Bitcoin's security, so it really is the best of both worlds,"

Source:
KRAKEN EXCHANGE INTEGRATES BITCOIN’S LIGHTNING NETWORK

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