Search ForexCrunch
  • Lightning Network (LN) enables Bitcoin to handle millions of transactions per second with almost zero fees.
  • Bitstamp hopes that the rest of the crypto industry will follow suit and establish their own LN nodes.

Bitstamp, a European crypto exchange has set up its own Lightning Network (LN) node to boost the network’s capabilities. LN is designed to enable quick and zero-fee transactions by creating payment channels between the users. The network is expected to address Bitcoin’s scalability program by having most of the transactions off-chain.

According to Bitstamp:  

“We believe the Lightning Network has the potential to unlock a whole new level of utility for Bitcoin. We’ve set up our own #LN node to help grow the network and encourage other companies to get on board.”

In addition to promoting the growth of the network, Bitstamp hopes that the rest of the crypto industry will follow suit and establish their own LN nodes. The exchange giants said that the addition of more nodes to the LN will help in keeping the network active.  

Through Bitrefill, a payment crypto recharge provider, LN services recently became available on Coinbase, the San Francisco-based exchange. In late May, Bitfinex talked about its plans to launch LN support for the USDT stablecoin operator by its sister company Tether.