Malta-based crypto exchange OKEx is planning to integrate the Bitcoin Lightning Network in the coming months. Upon successful integration, the exchange will begin to offer its users reduced withdrawal fees and speedy transactions.
Currently, a single BTC transaction on OKEx costs more than $11, with confirmation taking about 10 to 30 minutes. Leveraging the Bitcoin Lightning Network, transaction fees would be reduced from $11 to a fraction of a cent. In addition, transaction time would no longer take up to 30 minutes but 1-3 seconds.
However, The Block noted in a that the newly improved service by OKEx would only be available to select transactions. The exchange will limit these advantages to transactions involving 0.0000001 BTC to 0.05 BTC. Transactions within this range would cost below 1 cent to about $1,740.
Although there is no specific date for the official launch, OKEx CEO Jay Hao told The Block that the integration would be completed in March.
Already, some other exchanges had declared their support for the Lightning Network. OKCoin, Kraken, Bitfinex, Bitstamp, and others have recently said they have added the improved feature.
With a market capitalization of nearly $646 billion, Bitcoin is currently up 2.96% to $34,713.99.