Bitcoin Exchanges using the Lightning Network3 min readReading Time: 2 minutes
As the adoption of the second layer Bitcoin protocol continues to increase, we’re seeing the adoption of the Lightning Network by Bitcoin exchanges as well.
Lightning Network users enjoy the benefits of sending Bitcoin instantly, smaller transactions, and with smaller fees. Since these transactions are instant, a user can deposit and withdraw Bitcoin instantly from an exchange. Below we highlight some of the world’s most trusted exchanges currently using the Lightning Network.
Founded in 2012, Bitfinex is a Bitcoin exchange based in Hong Kong that added support for the Lightning Network in 2019. By adding support for LN on their platform, they were able to provide instant transactions for deposits and withdrawals in Bitcoin for their over 1 million users. Bitfinex recently even increased their LN payment size from 0.04 BTC to 0.5 BTC. As one of the top Bitcoin exchanges in the world today, they are setting the standard for other Bitcoin exchanges to follow in their support of the Lightning Network.
Founded in 2019, River Financial is another Bitcoin exchange that uses LN but has had support since its inception. Even as one of the newest Bitcoin exchanges in the space, they’ve garnered recognition for focusing on providing a Bitcoin exchange platform with a simple user experience powered by the Lightning Network.
Founded in 2015, Buda is a Bitcoin exchange based in Santiago de Chile that operates in Peru, Chile, Colombia, and Argentina. The team at Buda is convinced that Bitcoin is the catalyst for an economic revolution and wish to put it in the hands of those who are on the fringe of the digital economy. With such a strong passion for making this change to the world through innovation, it should come as no surprise that Buda has Lightning Network support on their platform. The Lightning Network is set to change the future of micropayments and Buda is excited to be a leader in that change.
As the number of Bitcoin exchanges continues to increase, we’re going to see massive growth in the overall adoption of the Lightning Network as well. Bitcoin exchanges are already processing extremely high volumes of Bitcoin transactions, and LN integration is a good sign of trust in the Lightning Network.
There’s no doubt that we will see other Bitcoin exchanges and businesses follow suit in adding support for LN. As a Lightning Network service provider, OpenNode can offer any business the payment infrastructure to accept Bitcoin with this exciting second layer solution.