Coinbase says Lightning Network facilitates 15% of its Bitcoin transactions

As previously reported, Coinbase integrated the Lightning Network in April 2024 to provide customers with faster and easier Bitcoin transactions.

Coinbase Product Director Michael Rihani said in a statement: "Integrating the Lightning Network is a key milestone in supporting the Bitcoin ecosystem and making payments faster, cheaper and more practical. Within a year, 15% of our Bitcoin transactions used the Lightning Network, proving its practicality in the real world. Lightspark is rapidly proving that Bitcoin is a powerful global payment tool."

Lightspark is a company focused on expanding the global payment infrastructure supported by the Lightning Network. The company also built software development kits (SDKs) and other tools to make it easier for developers to connect to the Lightning Network.

In addition to simplifying Bitcoin transactions, Coinbase is also committed to increasing the returns of consumers holding BTC. The company announced that it will launch the "Coinbase Bitcoin Income Fund" on May 1, with a target annual return of between 4% and 8%.

The price page shows that Bitcoin is the world's largest cryptocurrency by market value, with a trading volume of $31 billion in the past day.

Coinbase has the second-highest market share among cryptocurrency exchanges supporting the U.S. dollar, with the company’s spot market trading volume reaching $102.08 billion in March, according to the data dashboard.