Coinbase CEO Considers Bitcoin Lightning Network for Payments

The CEO of Coinbase, Brian Armstrong, has verified that the exchange is “considering” adding the Bitcoin Lighting network to promote the global adoption of cryptocurrency payments.

Armstrong spoke to the crypto community on Twitter (rebranded as X) on July 28, underscoring the potential for cryptocurrencies to enhance the global payment infrastructure. He also suggested:

“This will take lots of work from all of us, Coinbase included, getting layer 2’s integrated, better on-ramps, simpler UX/onboarding, etc.”

Long-standing Bitcoin supporters, including MicroStrategy founder Michael Saylor and Square CEO Jack Dorsey, questioned Armstrong’s vision for global crypto payments because Bitcoin was not mentioned in the post.

By allowing users to establish off-chain transaction channels, the Lightning Network aims to make Bitcoin transactions faster and less expensive.

“Not sure why you think we’re ignoring Bitcoin – we’ve onboarded more people to Bitcoin than probably any company in the world.”

While Saylor merely suggested integrating Bitcoin Lightning on Coinbase, Dorsey posed the question, “What ‘crypto’ is a better money transmission protocol (than Bitcoin), and why?”.

Armstrong responded to Dorsey after five days of silence by confirming that Coinbase was considering adding support for Bitcoin Lightning and reiterating its commitment to Bitcoin payments.

“We want an open protocol for money transmission for the internet that’s not controlled by a single individual, company, or government.”

Dorsey acknowledged Coinbase’s role in promoting Bitcoin adoption and agreed to collaborate with Armstrong to invest in Bitcoin and layer-2 technologies, adding:

The open discussion between the two crypto entrepreneurs concluded with both parties vowing to work together.

One month after announcing its intention to integrate the Bitcoin Lightning Network, Binance concluded the process on July 17.

Screenshot showing users can select “LIGHTNING” as an option when depositing Bitcoin. Source: Binance

Binance has joined other prominent exchanges like Bitfinex, River Financial, OKX, Kraken, and CoinCorner in adopting the Lightning Network.