Financial services and mobile payments company Block Inc SQ CEO and co-founder Jack Dorsey on Wednesday said that he is “happy to partner” with Coinbase COIN CEO Brian Armstrong in order to prioritize the development and adoption of Bitcoin’s BTC/USD lightning network.
What Happened: Dorsey wants to enhance the BTC lightning network, a layer-2 solution for faster and more scalable Bitcoin transactions.
Last week, Dorsey questioned Armstrong’s perceived lack of attention toward Bitcoin and lightning technology. He tweeted, “Why do you continue to ignore Bitcoin and lightning? What ‘crypto’ is a better money transmission protocol and why?”
See More: A Stay At The Floating Palace From James Bond's ‘Octopussy’
Why It Matters: To address Dorsey’s concerns, Armstrong replied, assuring him that Coinbase remains committed to Bitcoin’s growth.
Armstrong stated, “We’re looking into how to best add Lightning. It’s non-trivial, but I think worth doing. I’m all for payments taking off in Bitcoin. Not sure why you think we’re ignoring Bitcoin – we’ve onboarded more people to Bitcoin than probably any company in the world. Let’s build it together.”
Dorsey said that while he acknowledges Coinbase’s significant contributions to the adoption of Bitcoin but wants Armstrong to put more resources towards Bitcoin and layer 2 technologies.
“We want an open protocol for money transmission for the internet that’s not controlled by a single individual, company, or government. Same team,” Dorsey said.
The Lightning Network is like a super-fast helper for Bitcoin. It makes transactions really quick and stops the Bitcoin road from getting too crowded. It does this by using special channels for transactions, and only the end results go on the main Bitcoin road. It’s also very cheap to use, usually costing just a few cents.
The network was integrated by Binance in June, while Dorsey’s Block in March said it would be utilizing its own Bitcoin reserves to provide liquidity to the Lightning Network.
Price Action: At the time of writing, BTC was trading at $29,623.61, up 2.36% in the last 24 hours, according to Benzinga Pro.
Read Next: Bitcoin, Ethereum, Dogecoin Spike Amid Microstrategy Plans To Bag More BTC: Analyst Says Meme Coins About To Be Flushed By King Crypto
Join Benzinga’s Future of Crypto in NYC on Nov. 14, 2023, to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!
Photo courtesy: TED Conference on Flickr
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
