- Coinbase says it should add assist for the Bitcoin Lightning Network.
- Cathie Wood praises the crypto alternate for the determination.
- Coinbase shares are down almost 30% versus their YTD excessive.
Coinbase Global Inc has determined to combine the Lightning Network that goals at making Bitcoin a viable possibility for quicker and cheaper world funds.
How lengthy will the integration take?
The crypto alternate had been exploring including assist for the Lightning Network since early August. On Wednesday, Brian Armstrong – its Chief Executive wrote on X (previously Twitter):
We’ve made determination to combine Lightning. Bitcoin is most vital asset in crypto and we’re excited to do our half to allow quicker/cheaper Bitcoin transactions.
He didn’t reveal how lengthy the integration will doubtless take, although.
The announcement arrives greater than a month after Coinbase reported its monetary outcomes for the second quarter that handily topped Street estimates. At writing, shares of the crypto firm are down near 30% versus their year-to-date excessive.
Cathie Wood thumbs up Coinbase for the determination
Note that Coinbase Global is taking after Cash App – the cell cost service of the California-based Block Inc. Reacting to its announcement as we speak, Cathie Wood of Ark Invest wrote on X:
Coinbase’s integration with Lightning will give its 100 million customers an on-ramp to quicker and cheaper bitcoin transactions. Hats off to Coinbase!
Other notable names who’ve been vocal of their assist for the Lightning Network embrace Michael Saylor – the Executive Chairman of MicroStrategy Inc.
The former president of PayPal – David Marcus additionally reiterated dedication this week to turning Bitcoin into a worldwide funds community (find out more). The value of a BTC is at present about 20% under its year-to-date excessive.
