Lightspark, led by CEO David Marcus, former President of PayPal, has been selected by Coinbase, the largest US cryptocurrency exchange, to integrate the Bitcoin Lightning Network onto its platform. This integration is set to enable Coinbase customers to conduct instant and cost-effective bitcoin transactions.
Thrilled to announce that @Coinbase has selected @Lightspark to enable the #Bitcoin Lightning Network across its platform and services. Yet another significant milestone for Lightning! ⚡to many millions of new people and 100+ countries coming soon! https://t.co/Dj5JDqdmOl
— David Marcus (@davidmarcus) April 3, 2024
“Coinbase is committed to making the global financial system faster and more efficient,” said Shan Aggarwal, VP of Corporate & Business Development. “We’re excited to partner with Lightspark to eliminate payment barriers and enable faster and cheaper Bitcoin transactions through support for the Bitcoin Lightning Network.”
Lightspark has dedicated nearly two years to developing its platform as a premier entry point to the Lightning Network, catering to the needs of institutional clients seeking reliable and efficient solutions for Bitcoin transactions. The integration with Coinbase includes Lightspark's sophisticated tools and services, such as SDKs, APIs, and developer tools, which simplify the process of implementing and managing Lightning nodes.
One key aspect of the integration is Lightspark's remote-key signing implementation, where Coinbase holds the Lightning signing keys while Lightspark hosts the Lightning node. This setup aims to ensure scalability, reliability, and optimization of node infrastructure, allowing Coinbase to focus on delivering exceptional user experiences without the complexities of managing a large-scale Lightning implementation.
"It was a pleasure to get to know David and the entire team at Lightspark," said Coinbase Protocol Specialist, Viktor Bunin. "They've built great tech, are great to work with, and we're excited to partner with them to launch Lightning support soon™."
Todays official announcement comes almost a full year after Coinbase CEO Brian Armstrong committed to integrating the Lightning Network onto the exchange. The integration is now coming at a crucial time, considering the increasing demand for efficient Bitcoin transactions amid rising Bitcoin prices and transaction fees. Coinbase facilitates a major $154 billion in quarterly volume traded across its platform, and will now give its customers access to cheap and efficient Bitcoin transactions to help further improve scalability.
