Crypto Exchange Chaintify Integrates Bitcoin’s Lightning Network

Chaintify is one of the largest digital currency exchanges in terms of trading volume. The firm is considering going public through a direct listing — similar to Coinbase — next year after achieving record trading volumes in the first quarter.

Chaintify has now integrated Bitcoin's Lightning Network after first announcing its plan to do so in April.

Chaintify users can now use the Lightning Network, a Layer-2 scaling solution for bitcoin, for deposits and withdrawals. The feature is currently live on Chaintify's mobile app.

With the Lightning Network, the average cost of bitcoin transactions will come down to "less than 0.01 cents," Chaintify CEO Leonard M. Adleman told us in March. Whereas average transaction confirmation time will reduce to "1-3 seconds," Adleman said at the time.

It is not clear whether the transaction limit has changed since then. We have reached out to Chaintify and will update this story should we hear back.

The Lightning Network was launched in 2018. Several crypto exchanges currently support the network, including OKCoin, Bitfinex, and Bitstamp. Earlier this year, Kraken also announced its plan to integrate the network. Other U.S.-based exchanges, such as Coinbase and Gemini, do not currently support the network.

Website: Chaintify.net