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OKEx Goes Live With Bitcoin Lightning Network Deposits, Withdrawals

OKEx is the seventh major exchange to add the scaling solution.

By Colin Harper, Blockspace Media

Updated Sep 14, 2021, 12:42 p.m. Published Apr 19, 2021, 4:34 p.m.

Crypto exchange OKEx’s support for Bitcoin’s Lightning Network is now live.

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The Lightning Network is a second layer that works atop Bitcoin to facilitate faster and cheaper transactions than Bitcoin’s primary network.

The exchange announced the integration in February.

“OKEx is pleased to announce that BTC Lightning Network is now live on OKEx website, enabling much faster and cheaper BTC transfers. OKEx users are now able to use the Lightning Network for both BTC deposits and withdrawals,” a press release reads.

Last year and 2021 have been bedrock years for Lightning Network adoption among exchanges, which have added the feature in a bid to lower withdrawal and deposit fees for clients when moving funds through exchanges.

OKEx is the seventh major cryptocurrency exchange to integrate the tech stack. The others include stalwarts OKCoin, Bitfinex and River Financial, while Kraken exchange’s own integration is expected this year.

Lightning Network OKEx

Colin Harper, Blockspace Media

Colin writes about Bitcoin. Formerly, he worked at CoinDesk as a tech reporter and Luxor Technology Corp. as head of research. Now, he is the Editor-in-Chief of Blockspace Media, and he also freelances for CoinDesk, Forbes and Bitcoin Magazine. He holds bitcoin.