WhiteBIT Adds Lightning Network for Bitcoin Deposits and Withdrawals

WhiteBIT has added the Lightning Network for Bitcoin (BTC) deposits and withdrawals, giving users an additional payment route with fees of 0.25% for deposits and 0.15% for withdrawals.

Users can initiate Lightning transactions through QR codes or payment details. The integration runs on infrastructure from Voltage and supports exchange funding, remittances, QR-code payments and connections with Lightning-enabled wallets and applications.

“Adding Lightning support brings us closer to this goal as we are making Bitcoin faster and more useful for customers who want to top up accounts, send and receive funds, and use Bitcoin across more real-world flows,” WhiteBIT Founder and CEO Volodymyr Nosov said.

The Lightning Network launched in 2018 as a second-layer system for Bitcoin. It settles payments off-chain instead of recording each payment individually on Bitcoin’s public blockchain, allowing transactions to move outside the base layer and making individual payments harder to trace.

The network was initially promoted for smaller payments such as tipping and buying coffee. WhiteBIT joins several exchanges that support Lightning payments.