Kraken has announced the creation of a team that will work to integrate the Lightning Network with the exchange.
Bitcoin’s popularity is causing network congestion and high transaction fees, especially during times of skyrocketing prices. According to Kraken strategist Pierre Rochard, Lightning technology can solve these problems by making better use of the bitcoin loophole blockchain.
A dedicated team will integrate Kraken with the Lightning Network in several phases. In the first phase, the team will focus on withdrawals.
By 2021, the team will launch the ability to withdraw via Lightning Network. After that, Kraken plans to add the ability to make deposits through Lightning Network.
„We are constantly investing in improving technology both internally and within the broader ecosystem,“ Roshar said. „Kraken’s mission is to accelerate bitcoin adoption. We want to work with other exchanges to promote this technology and develop this network.“
In September, cryptocurrency exchange Bitfinex announced the addition of support for Wumbo channels, which allow users to make larger bitcoin transactions on the Lightning Network.