Coinbase has announced the integration of the Lightning Network into its platform, significantly improving the speed and cost of Bitcoin transactions for its users. Previously, transactions could take between 10 minutes to two hours with potentially high costs due to the on-chain process. Now, with the Lightning Network, transactions are nearly instantaneous and much cheaper.

This development was enabled through a partnership with Lightspark, led by David Marcus, who co-founded the company after heading Facebook/Meta’s Libra/Diem project. This move by Coinbase aims to streamline Bitcoin transactions, making them more accessible and efficient for millions of users, reinforcing Coinbase’s commitment to leveraging cutting-edge technology to enhance user experience.

In related news, Luke Dashjr’s mining pool, Ocean, has also embraced Lightning technology, specifically BOLT12, to enable direct liquidity payments into Lightning channels for miners, bypassing the need for third-party custodians. This step is in line with Ocean’s aim to enhance miners’ sovereignty and increase transparency and decentralization in the Bitcoin network.