The Swiss-based cryptocurrency exchange WhiteBIT has officially integrated the Lightning Network to facilitate faster and more efficient Bitcoin transactions. The infrastructure for this implementation is provided by Voltage, a Bitcoin infrastructure company.
Users can now perform deposits and withdrawals of Bitcoin using the Lightning Network. The platform has set a deposit fee of 0.25 percent and a withdrawal fee of 0.15 percent for these operations. Transactions can be initiated via QR codes or standard payment details.
WhiteBIT, which is currently ranked as the 17th largest exchange by transaction volume according to CoinGecko, aims to support various use cases. These include remittances, merchant-style QR payments, and interoperability with other Lightning-enabled wallets and applications.
The Lightning Network, which launched in 2018, operates as a second-layer solution for Bitcoin. It allows for off-chain settlement, which provides increased transaction speed and enhanced privacy compared to the main Bitcoin blockchain.
