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Coinbase's Lightning Network Plans Get Backing From Ark Invest CEO

Thu, 09/14/2023 - 11:36
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Godfrey Benjamin
Cathie Wood hails Coinbase for bringing Lightning Network to 100 million users
Coinbase's Lightning Network Plans Get Backing From Ark Invest CEO
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Ark Invest's founder and Chief Executive Officer Cathie Wood has expressed optimism with regard to the plans by American cryptocurrency trading platform Coinbase Global Inc to integrate Bitcoin's Lightning Network payment technology. The comment from Cathie comes after Coinbase CEO Brian Armstrong commended the team from the firm that was working on the Lightning Network integration.

Coinbase Cofounder Confirms Implementation of Lightning

Cathie Wood's adulation is based on the fact that the move is bound to draw more people into the broader digital currency ecosystem. The celebrity investor described Bitcoin as the world's digital monetary system and Lightning Network as Bitcoin's payments layer with notable milestones to show. 

Cathie Wood believes that Coinbase's integration with Lightning Network is poised to give the trading platform's more than 100 million users an on-ramp to faster and cheaper Bitcoin transactions. This is particularly important in the U.S. at a time when trust in traditional financial systems is fading, especially for crypto-native users.

The accolade from Cathie Wood underscores the fact that the integration will be beneficial for Coinbase in many respects, including in its revenue generation mode. The company's pursuit of utility is a forward-thinking affair that can help it stand out at periods when market conditions are unfavorable.

Growing embrace of Lightning Network

Just as Shibarium is to the Shiba Inu (SHIB) meme coin project, so also is the Lightning Network to Bitcoin. Beyond its role as an investment asset, a number of users around the world have now seen BTC as a currency, which underscores the true design of the cryptocurrency by its founder, Satoshi Nakamoto.

BTC Community Wants Elon Musk to Integrate Bitcoin Lightning Payments, Poll Says

At the moment, the Lightning Network facilitates easy BTC transactions with speed and low cost, and besides Coinbase, Binance exchange and Litecoin also represent one of the top crypto trading venues and networks that is looking to go all out in embracing the unique payment solution.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.