AAX, a leading cryptocurrency exchange today announced its integration with Bitcoin scaling solution, the Lighting Network.
AAX Integrates the Lightning Network
In a bid to stay competitive in the rapidly developing digital assets industry, AAX crypto exchange today announced it had successfully integrated the Lighting Network on its platform.
Notably, AAX is also the first exchange to have implemented the Satoshi (SATs) Standard.
By integrating the Lightning Network, AAX users will now be able to leverage the leading Bitcoin scaling solution for faster, affordable, and secure movement of BTC around the world.
For the uninitiated, the Lightning Network is developed by Lightning Labs and aims to cement itself as the top Bitcoin scaling solution that will usher in a new era of wider BTC adoption.
Committed to offering its users the most advanced blockchain technologies, AAX’s integration of the Lightning Network is a testimony to the exchange’s openness toward embracing new technologies.
As Bitcoin adoption continues to grow, scaling solutions are becoming increasingly popular to help the Bitcoin network seamlessly cater to the rising demand by users. The surging demand has caused the Bitcoin network to face a range of issues such as inflated transaction fees and slower processing times.
For instance, today Bitcoin payments can take 30 minutes or longer to process with fees of $10 or more.
By integrating with the Lightning Network, AAX will allow users to send BTC in real-time at minuscule costs. The integration also ensures a seamless trading experience for every AAX user, from depositing and buying tokens to making withdrawals with negligible waiting time. In addition, the instantaneous nature of BTC transactions powered by the Lightning Network opens enormous opportunities for crypto arbitrage traders on AAX.
It’s also worthy of note that a smoother experience will likely foster the adoption of the new SATS Standard among Bitcoin investors.
As mentioned earlier, AAX was the first cryptocurrency exchange to introduce the SATS Standard which essentially simplifies BTC transactions when users buy or sell a smaller number of tokens. The concept is aimed toward making BTC more accessible to new crypto users, especially those coming from unbanked communities that typically have fewer funds at their disposal.
Commenting on the development, Ben Caselin, Head of Research and Strategy, AAX, said:
“Our move to switch to a Satoshi Standard and to launch a dedicated SATS/USDT spot market that enables everyone to purchase and save in Bitcoin, at no cost, really only starts to make sense if it is coupled with an integration with Lightning Network. Our integration with this open network makes it possible for users to not only trade, but also deposit and withdraw Bitcoin at virtually no cost. It’s an effective and important way for crypto exchanges to promote the adoption of Bitcoin worldwide.”
Sourced from crypto.news.
Written by Aisshwarya Tiwari on 2022-06-11 18:50:55.
