Kraken Integrates Lightning Network Deposits & Withdrawals \ stacker news ~bitcoin

Kraken Integrates Lightning Network Deposits & Withdrawals bitcoinmagazine.com/business/kraken-exchange-integrates-bitcoins-lightning-network

375 sats \ 14 comments \ @kr 31 Mar 2022 bitcoin

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45 sats \ 2 replies \ @kevkevin 31 Mar 2022

Big news hopefully this puts more pressure on coinbase to implement lightning

50 sats \ 0 replies \ @k00b 31 Mar 2022

I suspect it will. It makes them look behind, even from a normal person's POV - the largest "crypto" by market cap has a working L2 that a large competitor supports.

The only way they might be able to justify not supporting it is UX. It is confusing to have two forms of bitcoin, but you can quite easily demote lightning visually so that only Bitcoin power users would need to concern themselves with choosing between the two.

10 sats \ 0 replies \ @cointastical 1 Apr 2022

Thank you! Your comment reply was the catalyst for me composing this post:

TOP bitcoin story of the day? You wouldn't know by following "crypto" industry media #17364

50 sats \ 0 replies \ @jestopher 2 Apr 2022 freebie

https://amboss.space/c/Kraken

10 sats \ 0 replies \ @TheBTCManual 31 Mar 2022

Took them long enough, glad to see more direct on-ramps to LN, secure your sats to your wallet and submarine swap into cold storage

20 sats \ 2 replies \ @BlokchainB 31 Mar 2022

This LND? Or c-lightning?

0 sats \ 1 reply \ @cryptocoin 31 Mar 2022

Kraken leveraged Lightning Labs’ node implementation, LND, due to the API interface it exposes and the extensive developer documentation the project makes available, Rochard said.

30 sats \ 0 replies \ @south_korea_ln 1 Apr 2022

Quote from Rochard in one of the Plebnet Telegram groups:

LND, and interested in scaling to run multiple implementations including LDK.

1 sat \ 4 replies \ @cryptocoin 31 Mar 2022

This also means, that you're able to instantly move the lightning payment you received to [@krakenfx] to exchange it for fiat, basically reducing the currency exchange risk to zero. This completely changes the dynamic for fiat brick and mortar stores.

https://twitter.com/pierre_rochard/status/1509525782749757448

https://twitter.com/zerofeerouting/status/1509532038319157263

0 sats \ 3 replies \ @cryptocoin 31 Mar 2022

This is essentially the first of the large exchanges where LN revenues can be swept into fiat, without significant fees.

Bitfinex has had LN support for a long time, but they don't operate in the U.S., for one, and not on the bank networks like Kraken is.

As an example, here's Kraken getting closer to joining the major leagues:

Kraken Hits Key Milestone in Quest to Gain Fed Account, Equal Treatment With Traditional Banks | CoinDesk #16562 https://www.coindesk.com/policy/2022/03/26/kraken-hits-key-milestone-in-quest-to-gain-fed-account-equal-treatment-with-traditional-banks

(BitStamp has had consumer-grade LN support, where you could deposit and withdraw to some 3rd party wallet (Zebedee) using your account username / "gamertag"), but Kraken's LN support is full deposit / withdraw, using LN invoices.)

1 sat \ 2 replies \ @cryptocoin 1 Apr 2022

Yesterday Kraken's Lightning node had 32 BTC of public capacity. Today it has 42 BTC.

Only 19 Lightning nodes in the world have more public capacity, and only 78 have more active channels.

⚡️

[Larger image]

https://twitter.com/kerooke/status/1509593499401867273

1 sat \ 1 reply \ @cryptocoin 2 Apr 2022

Kraken's is now the fastest growing LN node on the network!

Kraken has the fastest growing node on the Lightning network #17597 https://amboss.space/c/Kraken

0 sats \ 0 replies \ @cryptocoin 6 Apr 2022

Awesome, and now BitPay has added LN support!

BitPay Merchants to Get a Boost From Lightning Network Payment Integration #18435 https://www.coindesk.com/business/2022/04/06/bitpay-merchants-to-get-a-boost-from-lightning-network-payment-integration

0 sats \ 0 replies \ @UlfMoby 2 Apr 2022

I also tried to withdraw sats from kraken using lightning. It works!