Crypto exchange OKEx has just announced it will add support for Bitcoin's Lightning Network in the coming weeks.
According to the announcement shared by the platform, the aim of this new addition to the exchange is to enable cheaper and faster transactions for users.
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In particular, OKEx has reported both Bitcoin deposits and withdrawals from the platform will be cheaper thanks to the integration of this new technology.
It must be noted that the current average cost of a transaction with the leading cryptocurrency is around $11, while the confirmation time amounts up to 10-30 minutes. However, the Lightning Network will reduce fees to "less than 0.01 cents," as well as the average transaction confirmation time to "1-3 seconds."
It should be noted, however, that the Lightning Network will be subject to certain limits because it was designed specifically for microtransactions. As a result, it can only be used for withdrawals between 0.000001 BTC and 0.05 BTC ($0.035 to $1,770). For deposits no limit will apply.
At the moment the exact date for the launch of this new feature is unknown, however, Jay Hao, the CEO of OKEx, assures it will be completely integrated by March.