Coinbase has always grabbed headlines with its updates and developments which, more often than not, dramatically affect investor sentiment. In a recent AMA session conducted by Coinbase CEO Brian Armstrong, the official spoke about the future plans of the company with regards to Lightning Network integration and uses of blockchain technology in different fields.
The CEO admitted that second-layer solutions like the Lightning Network were a blessing for the cryptocurrency industry as it made a lot of transactions versatile and faster. In his words:
“The layer 2 solutions are really working well and the thing is its integration would be beneficial to Coinbase too. We have taken the logistics into account and at the moment it is not the most efficient move. The integration would be a large expense inside the company and another thing that people underestimate is that we have a lot of people signed up on our platform, making large scale-ups difficult.”
Armstrong added that as soon as a highly scalable reliable software can be integrated into Coinbase’s workings, Lightning Network integration would be worth the effort. Armstrong’s comments on the LN came in the wake of the technology’s rapid adoption in small, yet effective areas.
According to recent reports, cycle rickshaws in Glasgow had started accepting BTC as payment over the LN. The payment system was initiated in Glasgow via a partnership with FastBitcoin.com, whose CEO had stated:
“It is a fun concept, and with it, we are trying to show the general public how Bitcoin can be made readily available and easy to use. Once consumers understand how easy it is to obtain and use, coupled with the added benefits of simply holding Bitcoin itself, more and more people will build infrastructure to help Bitcoin fulfill its potential on a global scale.”
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