Coinbase says it will add support for the Bitcoin Lightning Network.
Cathie Wood praises the crypto exchange for the decision.
Coinbase shares are down nearly 30% versus their YTD high.
Coinbase Global Inc has decided to integrate the Lightning Network that aims at making Bitcoin a viable option for faster and cheaper global payments.
How long will the integration take?
The crypto exchange had been exploring adding support for the Lightning Network since early August. On Wednesday, Brian Armstrong – its Chief Executive wrote on X (formerly Twitter):
We’ve made decision to integrate Lightning. Bitcoin is most important asset in crypto and we’re excited to do our part to enable faster/cheaper Bitcoin transactions.
He did not reveal how long the integration will likely take, though.
The announcement arrives more than a month after Coinbase reported its financial results for the second quarter that handily topped Street estimates. At writing, shares of the crypto company are down close to 30% versus their year-to-date high.
Cathie Wood thumbs up Coinbase for the decision
Note that Coinbase Global is taking after Cash App – the mobile payment service of the California-based Block Inc. Reacting to its announcement today, Cathie Wood of Ark Invest wrote on X:
Coinbase’s integration with Lightning will give its 100 million users an on-ramp to faster and cheaper bitcoin transactions. Hats off to Coinbase!
Other notable names who have been vocal in their support for the Lightning Network include Michael Saylor – the Executive Chairman of MicroStrategy Inc.
The former president of PayPal – David Marcus also reiterated commitment this week to turning Bitcoin into a global payments network (find out more). The price of a BTC is currently about 20% below its year-to-date high.