Cryptocurrency exchanges keep close tabs on new and emerging technologies. Bitfinex is one of the first major trading platforms to support the Lightning Network.
Bitcoin’s Lightning Network is still in the very early stages of being adopted by the masses.
Lightning Network and Bitfinex
It is up to individual service providers to make good things happen in this department.
Bitfinex, one of the biggest trading platforms, is doing its part to make this happen.
By actively enabling Lightning Network support, the exchange has taken a big step forward.
Through this technology, it becomes easy to conduct instant micropayments across the Bitcoin network.
Deposits and withdrawals are now possible through this layer-two solution for all Bitfinex users.
The jury is still out as to how the Lightning Network will affect the status of Bitcoin as a whole.
Smaller fees and a higher throughput are two aspects that world’s leading cryptocurrency has lacked for quite some time now.
At the same time, the Lightning Network isn’t necessarily user-friendly for novice and inexperienced Bitcoin users either.
It would appear the Bitfinex team has bigger plans for LN moving forward.
Going beyond just deposits and withdrawals is a smart business decision.
The company announced its intention to launch Tether as a stablecoin on the LN layer.
Secondly, they want to introduce another stablecoin, but one that is backed by gold.
Subsequently, that new currency will be known as Tether Gold, albeit no further specifications were announced at this time.