Cryptocurrency exchange OKEx will add support for Lightning Network payment channels for fast and cheap bitcoin transactions.
Currently, the cost to process one bitcoin transaction averages $11, and it takes 10 to 30 minutes to confirm a transaction reliably. This is very impractical as more users join the network, OKEx CEO Jay Hao said. He added that thanks to the Lightning Network, a second-tier solution for scaling Bitcoin, the average transaction cost will become less than $0.01 and confirmation time will be reduced to1-3 seconds.
The OKEx executive said that the exchange will set limits on bitcoin withdrawals through the Lightning Network: from 0.000001 BTC ($0.035) to 0.05 BTC ($1,770). These restrictions will not apply to deposits. OKEx will work with Lightning Labs to integrate with the Lightning Network. This means that the exchange will launch its own node in the Lightning Network. Hao said the integration will be completed by March.
Last week, the Vietnamese exchange VBTC announced its support for Lightning Network. Trading platform Bitfinex also supports the solution so users can instantly deposit and withdraw bitcoins from the exchange. Previously, Zebpay became the first cryptocurrency exchange to announce support for Lightning Network payments.