Financial exchanges such as Block, Robinhood and BitPay announced at the Bitcoin 2022 conference in Miami that they’d begin to integrate bitcoin’s lightning network onto their respective apps for payment transactions. Yahoo Finance’s David Hollerith explains.
- We've seen a few announcements, and the announcements have actually focused around as this being a Bitcoin conference, around adding Bitcoin's Lightning Network in some capacity. So we saw the payment processor, BitPay, as well as Square this week add Lightning Network integration.
And then to earlier today, we saw Robinhood to be the latest player to do this to add the Bitcoin network to their usability. So the idea of with the Lightning Network of why this is being progressed is actually pretty interesting. Bitcoin is mainly looked at as a speculative store of value asset right now. And the Lightning Network sort of aims to use it in a way that it makes it sort of faster and cheaper to send transactions. So it's sort of opening it up more to the sort of currency use case, which is often talked about, but not really used at this point in the assets history.