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Bitstamp

Cryptocurrency Exchange Bitstamp Announces It’s Running A Lightning Network Node

· 08 Jul 2019 in Breaking, Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

The recognized cryptocurrency exchange Bitstamp informed that they are already running a new Lightning Network (LN) node. The intention is to help the second layer scaling solution for Bitcoin (BTC) to continue growing in the market. The information was released by the company in a tweet uploaded on July 8. 

Bitstamp Confirms They Set Up A Bitcoin Node

In a recent tweet, the popular cryptocurrency exchange in Europe Bitstamp announced that they have set up their own LN to help the network grow and also encourage other companies to embrace it. 

The Tweet uploaded reads as follows:

“ELECTRIFIED: We believe the Lightning Network has the potential to unlock a whole new level of utility for Bitcoin. We’ve set up our own #LN node to help grow the network and encourage other companies to get on board.”

Users that want to be connected to this Bitstamp Lightning Network Node can do it through a website with all the information necessary about it. In this way, In this way, Bitstamp claims that it is promoting the growth and expansion of the network and encouraging the crypto industry to adopt the technology. 

The Lightning Network has been created in order to help the main Bitcoin network to scale and process more transaction for lower fees. Although it is yet being developed, during the last years it has been growing and expanding. As per Bitstamp, Bitcoin would be able to handle millions of transactions per second with almost zero fees, creating many other possibilities than with traditional money. 

The exchange considers that the technology is going to be the next step for Bitcoin to become a payment system in the future. However, many experts and analysts consider that Bitcoin is too volatile so as to become widely used. 

According to data provided by 1ml, the LN has 8986 nodes and 34,391 channels. In addition to it, the network has a capacity of 939 BTC. A few months ago, when the Lightning Network celebrated the first year of the launch of its beta, the LN had a capacity of over 1,000 BTC. 

Bitstamp is one of the largest exchanges in the market in terms of trading volume. As reported by CoinMarketCap, Bitstamp is the 43rd largest digital currency exchange with a trading volume in the last 24 hours of almost $169 million. 

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