Bitfinex now supports deposits and withdrawals on the Lightning Network.

Bitfinex announced to support deposits and withdrawals on the Lightning Network. CTO of the exchange, Paolo Ardoino, confirmed the new integration on Twitter. The feature will go live on 3rd December.

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Bitfinex has become one of the first major crypto exchanges to offer the Lightning Network support. CTO of the exchange confirmed on twitter that the linking page would go live starting 3rd December. The Lightning Network is a second layer on the bitcoin blockchain to scale the network, and it helps users withdraw and deposits instantly.

 

“Lightning Network can be the game-changer.”

CTO of Bitfinex, Paolo Ardoino, told The Block that Bitfinex believes Lightning Network can be the game-changer of the industry as it enables P2P micro-payments with small fees and high throughput. He added that its peer-to-peer nature carries the unstoppable force of bitcoin. However, he believes it still requires more awareness, understanding, and adoption from the larger crypto community.

 

Bitfinex continues to face legal troubles

Earlier, a new class-action lawsuit was filed by Eric Young and Adam Kurtz at the district court in the Western District of Washington on Nov. 22 against Bitfinex and Tether. The exchange is already facing a lawsuit filed by the New York attorney general in April, alleging that Bitfinex covered $850 million of loss using Tether. It was also claimed that the Tether stablecoin was not fully backed by US dollars. However, Bitfinex denied all the allegations and called these cases “mercenary and baseless.”

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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