Kraken Incorporates Lightning Network for Seamless Bitcoin Transactions

The crypto exchange giant Kraken was thrilled to announce the incorporation of the Bitcoin Lightning Network. #Bitcoin’s Lightning Network is growing ⚡ 🚀 Kraken is excited to announce that all clients are now able to use the Lightning Network!! ✅ Instant deposits and withdrawals✅ Ultra-low network feeshttps://t.co/sEtBjTnX8r pic.twitter.com/25xpdw8BsN — Kraken Exchange (@krakenfx) April 1, 2022 Why Does Kraken Need Lightning? Lightning Network offers users of Kraken immediate settlement solutions of Bitcoin transactions to accelerate the use of the digital asset as a medium of exchange. Secondly, as the Lightning Network is a scalability solution or Layer-2, it allows users of Kraken to send and receive BTC immediately and without any virtual fees. A spokesperson of the exchange stated that besides enabling instant and affordable deposits and withdrawals, Kraken’s core network services also enable the Network to route payments. As compared to Visa executing 65,000 transactions per second, the Network can process millions of transactions in the same amount of time. Kraken’s Bitcoin Product Manager Pierre Rochard stated, “The Lightning Network provides real-time settlement of BTC payments, larger capacity than any other system and for the first time microtransactions at scale.” Potential Rapid Scaling of Kraken’s Business Earlier Kraken has stated that seamless transactions of Bitcoin is just the tip of the iceberg and disclose...