- Coinbase says it will add support for the Bitcoin Lightning Network.
- Cathie Wood praises the crypto exchange for the decision.
- Coinbase shares are down nearly 30% versus their YTD high.
How long will the integration take?
The crypto exchange had been exploring adding support for the Lightning Network since early August. On Wednesday, Brian Armstrong – its Chief Executive wrote on X (formerly Twitter):
We’ve made decision to integrate Lightning. Bitcoin is most important asset in crypto and we’re excited to do our part to enable faster/cheaper Bitcoin transactions.
He did not reveal how long the integration will likely take, though.
The announcement arrives more than a month after Coinbase reported its financial results for the second quarter that handily topped Street estimates. At writing, shares of the crypto company are down close to 30% versus their year-to-date high.
Cathie Wood thumbs up Coinbase for the decision
Note that Coinbase Global is taking after Cash App – the mobile payment service of the California-based Block Inc. Reacting to its announcement today, Cathie Wood of Ark Invest wrote on X:
Coinbase’s integration with Lightning will give its 100 million users an on-ramp to faster and cheaper bitcoin transactions. Hats off to Coinbase!
Other notable names who have been vocal in their support for the Lightning Network include Michael Saylor – the Executive Chairman of MicroStrategy Inc.
The former president of PayPal – David Marcus also reiterated commitment this week to turning Bitcoin into a global payments network (find out more). The price of a BTC is currently about 20% below its year-to-date high.