Bitfinex, a state-of-the-art digital asset trading platform, has launched support for the Lightning Network.

The Lightning Network is a decentralized system of smart contracts built as a second-layer of the Bitcoin blockchain, enabling custodian-free instant, high-volume micropayments across a network of participants.

Bitfinex has started running its own Lightning Network node that traders can connect to and open a payment channel with the platform.

“As industry pioneers, we strive to remain at the forefront of Bitcoin technology development,” said Bitfinex CTO Paolo Ardoino. “We’re proud to support the Lightning Network.”

The Lightning Network works by creating a secure network of participants that can transact with each other directly, without having to broadcast everything on the Bitcoin blockchain. The second layer technology uses the blockchain only for final settlement of funds, which takes place when the payment channels are closed.

“We’re excited about the Lightning Network’s potential to become a true peer-to-peer payment channel,” added Ardoino. “By supporting a Lightning Network node on our platform, our users can look forward to more cost-effective and efficient Bitcoin transactions.”

“As one of the most advanced cryptocurrency exchange, we’re committed to growing the Lightning Network on our platform to boost Bitcoin’s competitiveness as a means of payment, bringing Bitcoin ever closer to achieving mass adoption,” said Ardoino. “More innovative services will be added to our Lightning Network node in the near future to provide even more benefits and convenience for our users and the wider cryptocurrency ecosystem.”

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Source: Coin Gape