In a press statement, the exchange, Frontnode, indicates that users will leverage the native bitcoin lighting capabilities like instant transactions with no blockchain fees. Users joining the platform will undergo the KYC process with quick approvals. Notably, the exchange also focuses on instant bitcoin purchases alongside high security, lowering the chances of hacking. According to Jason Alexander, Frontnode’s CMO, bitcoin is a store of all value, and the exchange aims to facilitate the shift towards becoming a fully transactional cryptocurrency. Furthermore, Frontnode said the launch follows the recent surge in bitcoin’s value due to increased institutional entry. The crypto bull run resulted in an all-time high of $64 800 on April 14th.
Rising Bitcoin Lightning Network adoption
Over the past year, several crypto exchanges have adopted the lightning network over the numerous advantages. The lightning network is cited as a ‘game-changer’ to support off-chain transactions and lower transaction fees. Besides Frontnode, crypto exchange OKEx recently enabled support for Bitcoin’s Lightning Network. At the time, OKEx was the seventh leading cryptocurrency exchange to integrate the network. Other exchanges to integrate the technology include OKCoin, Bitfinex, and River Financial. Elsewhere, Kraken is working to incorporate the technology later this year. [binance]
