Crypto exchange OKEx integrates Bitcoin's Lightning Network

Crypto exchange OKEx has now integrated Bitcoin's Lightning Network after first announcing its plan to do so in February.

OKEx users can now use the Lightning Network, a Layer-2 scaling solution for bitcoin, for deposits and withdrawals. The feature is currently live on OKEx's desktop website, with mobile to be followed. 

With the Lightning Network, the average cost of bitcoin transactions will come down to "less than 0.01 cents," OKEx CEO Jay Hao told The Block in February. Whereas average transaction confirmation time will reduce to "1-3 seconds," Hao said at the time.


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While there seem to be cost and speed benefits with the Lightning Network, there are certain limitations. The network is primarily meant for smaller transactions. Hao told The Block in February that OKEx would set a limit of up to 0.05 BTC (currently worth around $2,830) on transactions. 

The transaction limit remains the same, Hao told The Block after the publication of this story.

The Lightning Network was launched in 2018. A number of 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.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.