In a recent disclosure, Brian Armstrong, co-founder of Coinbase, announced his intention to incorporate Lightning into their platform, expressing his determined support for Bitcoin’s progress.
To offer more cryptocurrency payments to users around the world, Coinbase (COIN) is looking to add Bitcoin’s Lightning network for payments.
The Lightning Network is a second layer for Bitcoin (BTC) that uses micropayment channels to scale the blockchain’s capability and handle transactions more efficiently and cheaply.
“We’re looking into how to best add Lightning. It’s non-trivial, but I think worth doing. I’m all for payments taking off in Bitcoin,” CEO Brian Armstrong said on Wednesday.
“Let’s build it together,” he added in response to a tweet by Jack Dorsey, founder of financial services company Block Inc.
The Lightning Network aims to make Bitcoin transactions faster and cheaper by allowing users to create off-chain transaction channels.
Dorsey, a vocal Bitcoin supporter, was quick to react to Armostrng’s invitation for collaboration, saying that “putting more of your resources towards your original focus on Bitcoin and layer 2 technologies would be amazing and we’d be happy to partner.”
The total amount of bitcoin locked for payments across all channels is 4,686.64 bitcoin, worth around $138 million at current prices.