Coinbase, the popular crypto exchange, has joined forces with Lightspark, an open-source protocol, to offer its users a Layer-2 solution for Bitcoin transactions. This partnership aims to provide faster and more cost-effective transactions for Coinbase users in the future.
The Bitcoin Lightning Network, designed as a decentralized network with smart contract capabilities on the blockchain, enables quick and inexpensive transactions among a network of participants. Lightspark, known for its market-ready enterprise-grade gateway to the Lightning Network, claims to have simplified the process of using a Lightning solution. They offer carefully selected software and services that allow even the most discerning businesses to experience the benefits of the Lightning Network.
With Lightspark’s products like Lightspark SDKs, APIs, and Lightspark Predict, an AI-based tool, developers in the Coinbase ecosystem can create without concerns about the complexities associated with setting up and managing a Lightning node. Lightspark has resolved many of the challenges involved in transmitting and receiving transactions reliably.
Coinbase CEO, Brian Armstrong, addressed concerns raised by former X CEO and Bitcoin advocate, Jack Dorsey, about Coinbase seemingly ignoring the Bitcoin Lightning Network. Armstrong clarified that Coinbase was actively seeking the best way to incorporate the L2 solution and was committed to finding an optimal approach.
In other crypto news, Solana (SOL) has managed to hold strong despite market uncertainties and is eyeing a target of $250.