In line with a recent official ‘tweet‘ published, renowned cryptocurrency exchange ‘Bitstamp’ has officially setup its own Lightning Network [LN] node support to boost its network’s capabilities.
As a second layer over the ‘blockchain‘ of the leading cryptocurrency, Bitcoin [BTC], the LN is setup to offer quick and zero-fee transactions by forming payment channels between users. Specifically, the network aims to deal with bitcoin’s scalability issues by keeping the majority of transactions off-chain.
Moreover, by launching its own LN node, Bitstamp aims to advertise the further growth and expansion of the network, thereby, encouraging the ‘cryptocurrency‘ businesses to adopt the technology, the firm wrote in its recent official ‘announcement‘.
Bitstamp aforesaid that bringing alot more nodes to the LN can keep the network active, describing the nodes as its basic building units. As more nodes generate payment channels, the whole network liquidity increases, that successively will increase the transactions capabilities on the network, Bitstamp added.
Most recently, LN services are ‘offered‘ on major American cryptocurrency exchanges and wallet service provider ‘Coinbase’ via payment crypto recharge supplier Bitrefill. Earlier in May, ‘Bitfinex‘ exchange also ‘revealed‘ its plans to launch LN support for the Tether [USDT] stablecoin operated by its sister company ‘Tether’.
At the reporting time, Bitstamp is the 39th largest crypto exchange per its daily adjusted trading volume of over $175 Mln, per data provided by ‘CMC‘.
Also in May, Bitstamp exchange launched an investigation after a large bitcoin sell order severely affected its order book.