OKCoin to integrate Bitcoin’s Lightning Network this quarter

Cryptocurrency exchange OKCoin announced that it will integrate the Lightning Network into the OKCoin exchange in Q1 2021, aiming to create the best trading experience for its customers.

According to the exchange, the integration will allow users to deposit and withdraw more money faster, as well as send larger transactions.

In a blog posted on its website, OKCoin said that the integration will enable customers to have their transactions occur on the Lightning Network. The transactions will be confirmed within a few seconds instead of up to an hour.

The platform emphasized that the integration will also reduce its current minimum withdrawal / deposit from 0.001 bitcoin (~$35) to 0.000001 bitcoin (~$0.04). "There is currently a maximum limit per transaction of 0.05 BTC  (~$1,800)," OKCoin added.

OKCoin CEO Hong Fang said that the Lightning Network requires a network of nodes and adoption of the technology to perform to the best of its capabilities. "We hope other blockchain companies follow suit and lift the whole industry up by speeding up bitcoin payments," Hong Fang added.