This week saw more progress on the Lightning Network front as another exchange announced a successful integration. This time, it was the popular UK-based exchange, CoinCorner, that made the move. News of the integration was met with praise from the crypto community for many reasons. Primarily, the developments represent a recognition that users want cheaper and faster alternatives in the Bitcoin market.
CoinCorner's integration significantly lowers the cost for deposits and withdraws from the platform. Users also enjoy faster transaction times using this second layer protocol. Best of all, Lightning Network deposits and on-chain deposits show up as the same balance. In this way, CoinCorner provided added functionality to users without comp0licating the core processes for traders.
Ready from Day 1
Discussing the integration, the CEO of CoinCorner, Danny Scott, spoke on his firm's long time goal to add support for the off-chain solution. He explained that the only reason for any delay up until this point was because the exchange wanted to have its network and technical specs fully up to the task. Impressively, the integration only took two weeks to complete.
The integration's speed and success can be partly attributed to CoinCorner's familiarity with the Lightning Network. In April 2020, the firm integrated the network into its payment processing system dubbed CoinCorner Checkout. Specifically, they added support for LN-payments to its payment gateway. Additionally, the firm's CEO and lead technician, Zakk Lakin have tinkered around with the network for the “last few years.”
In the future, CoinCorner users will be able to send and receive Lightning Network invoices directly from their GBP wallet. The system will enable users to utilize Bitcoin's network and the Lightning Network to move fiat currency globally in seconds. These features would put CoinCorner in competition with other LN-powered wallets that support fiat transfers, such as Visa-partnered Strike.
The U.K.-based crypto exchange, CoinCorner, entered the market in 2014. The platform is based on the Isle of Man at this time. In 2016, the exchange was awarded a “Designated Business Status” in the country. Currently, the platform has over 150,000 registered users.
CoinCorner has a global audience. Specifically, the firm is operational in 47 countries at this time. However, the vast majority of CoinCorner's trading volume (40%) originates from the UK. CoinCorner users can buy and sell Bitcoin in seconds using the platform. The exchange also comes in a mobile app available for free download on both iOS and Android. The app includes all the functionality of the online exchange.
CoinCorner – Pushing for Innovation
CoinCorner is sure to see a boost in trading activity as more investors learn they can trade for less on the exchange. Integrating the Lightning Network is one of the best ways to provide users with added savings. Additionally, it makes your network more responsive. Moving forward, CoinCorner now holds a valuable position in the UK market as one of the few exchanges offering these advantages.