OKEx Will Incorporate BTC Lightning Network For Improved Transactions

OKEx will incorporate BTC lightning network for improved transactions, focusing on another customer-oriented project as we can see more in today’s cryptocurrency news.

Crypto exchange OKEx will incorporate another crypto-promoting project which is the Bitcoin Lightning Network that focuses on downsizing transaction fees and reducing time for execution. OKEx is the leading crypto exchange in the world and it is now set to integrate the Bitcoin Lightning Network in the next quarter. The project represents a second-layer scaling solution that is based on the BTC blockchain technology.

According to an official press release, the development will focus on reducing the transaction fees and will improve user experience on the company’s exchange platform. The endeavor integration will highlight OKEx’s goal to push for more developments n the Bitcoin ecosystem. The role of the lightning network is that of a payment protocol on top of the BTC blockchain and transferring payments between the nodes participating in a peer to peer system that reduces transaction fees and times.
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OKEx’s recent project aims to prove that Bitcoin’s adoption is on its way to becoming highly widespread and that once more users start interacting with the main crypto asset’s blockchain, the better it will be for the entire crypto space. The cost of transactions rises dramatically and the transaction speed suffers as well so according to the exchange, the average BTC on-chain fee surpassed $10 and it takes 10 to 30 minutes to execute which is quite discouraging for users that use the network. CEO Jay Hao commented:

 “OKEx is extremely proud to be one of the first major exchanges to integrate the Lightning Network(…). “

The co-founder and CEO of Lightning Labs Elizabeth Stark continued:

“OKEx’s Lightning integration marks a big step for its users and the Bitcoin community as a whole, enabling instant, global, low-fee transactions. OKEx’s leadership in adopting Lightning will help bring Bitcoin to the next billion people around the world.”

The exchange has its particular activities focused on promoting and encouraging BTC and other cryptos. The company also announced the launch of the crypto rewards program which promised to commence a discount and rewards program like a multi-million prize pool over a specific time. OKEx engaged in plenty of campaigns and giveaways with profit distribution and one of the benefits was focused on rewarding the loyal clients.