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Coinbase Cofounder Confirms Implementation of Lightning

Wed, 08/02/2023 - 08:33
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Arman Shirinyan
Coinbase confirms steps toward implementation of Lightning
Coinbase Cofounder Confirms Implementation of Lightning
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In a recent revelation, Brian Armstrong, cofounder of Coinbase, announced his intent to incorporate Lightning into their platform, expressing his unwavering support for Bitcoin's progress.

Armstrong stated, "We're looking into how to best add Lightning. It's non-trivial, but I think worth doing. I'm all for payments taking off in Bitcoin." He underscored his position on Bitcoin, refuting the notion that the company has ignored the leading cryptocurrency. "Not sure why you think we’re ignoring Bitcoin — we've onboarded more people to Bitcoin than probably any company in the world," he tweeted.

His comments have come amid some criticism regarding Coinbase's alleged neglect of Bitcoin and its Layer 2 technology, Lightning Network. The network promises faster and cheaper transactions on Bitcoin, a significant step toward its broader adoption as a medium of exchange.

This move toward the Lightning Network sparked a response from former Twitter CEO Jack Dorsey, who has been a vocal supporter of Bitcoin. Dorsey was the first to respond to Armstrong's comments. In a seeming critique, he asked, "Why do you continue to ignore bitcoin and lightning? What 'crypto' is a better money transmission protocol and why?"

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However, later, Dorsey took a more conciliatory tone, acknowledging Coinbase's contribution to the Bitcoin community and expressing willingness to collaborate. He stated, "No doubt Coinbase introduced more people to Bitcoin than anyone else. And I'm grateful for that. Putting more of your resources towards your original focus on Bitcoin and layer 2 technologies would be amazing, and we'd be happy to partner."

Dorsey reiterated the vision of having an open protocol for money transmission, free from control by any entity, be it an individual, company or government. This ideal resonates strongly with the philosophy underpinning cryptocurrencies, particularly Bitcoin.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.