Bitcoin lightning network introduced to Kraken exchange: Report

Reportedly Kraken exchange introduced the Bitcoin lightning network to the exchange successfully, but still in the initial phase. 

Kraken is a popular crypto exchange and is also known in the majority of global countries. It is one of the major crypto exchanges in America. This exchange announced to implement Bitcoin lightning network support to allow the users to transfer Bitcoin with the speed of light at almost zero cost but the exchange started to work for the same development work very late in 2021, instead of 2020. 

On 30 March, a popular Twitter user Mr.Hodl noted that the Kraken exchange introduced Bitcoin lightning network support to the exchange. 

However, after this tweet from Mr.hold, a few users noted that they were not able to see the new option. So users considered that it will take time to distribute this option as an active feature in all the accounts. 

On 31 March, Bitcoinmagazine’s Twitter account confirmed that Kraken officially introduced Bitcoin lightning network support. 

So, here we can expect that Bitcoin lightning network support is available for almost every user and if it will not available for some particular users then surely it will appear soon. 

Bitcoin lightning network and benefits for Kraken exchange 

Bitcoin lightning network is a concept, which was introduced by the Bitcoin community to facilitate Bitcoin transactions at very low or zero cost, however, this concept faced huge criticism in the industry because of some questions on lack of decentralization but right now this concept of technology use is increasing rapidly, especially in El Salvador where Chivo wallet is providing its services to people to transfer Bitcoin funds at almost zero cost. 

At present majority of the new and old low budget users wants to buy Bitcoin and store it at a separate private key in the self custodial wallet, for the long term, but due to high transaction fees they are not able but here this support by Kraken exchange will surely result into huge benefits for its users and also Kraken will attract huge numbers of users to its platform. 

Read also: Survey reveals many people unaware of Defi, Web3, CBDC