Coinbase CEO claims that the crypto exchange "onboarded more people to Bitcoin than probably any company in the world."
It appears that the crypto exchange Coinbase is actively exploring the potential addition of the Bitcoin Lighting network to enhance global payments in the cryptocurrency space.
In a recent X post, Armstrong emphasized the incredible potential of digital currencies to revamp the global payments framework.
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In his tweet shared on July 28th, Brian Armstrong outlined the need for collaborative efforts, stating that the efforts to boost the global payment system will "take lots of work." According to Coinbase's CEO, the industry will need "better on-ramps, simpler UX/onboarding" and integration of Layer-2.
Armstrong's initial vision for a global crypto payment system did raise eyebrows among established Bitcoin advocates such as MicroStrategy founder Michael Saylor and Square CEO Jack Dorsey.
Specifically, the absence of Bitcoin in Armstrong's original post led to questions and recommendations from these figures. They pointed towards the Lightning Network, a technology aimed at expediting and cutting the costs of Bitcoin transactions.
In response to Dorsey's provoking question, “What "crypto" is a better money transmission protocol (than Bitcoin) and why?” Armstrong finally broke his silence after five days. He clarified:
Not sure why you think we’re ignoring Bitcoin - we’ve onboarded more people to Bitcoin than probably any company in the world.
Furthermore, Armstrong confirmed that Coinbase was evaluating the possibility of adding Bitcoin Lightning support, affirming its commitment to Bitcoin payments.
Responding to Armstrong's comment, Dorsey acknowledged Coinbase's significant role in increasing Bitcoin usage and expressed a willingness to collaborate with the firm on 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.
Other major exchanges have already embraced the Lightning Network. Binance completed its integration on July 17th, joining the ranks of Bitfinex, Kraken, CoinCorner, River Financial, and OKX.
The decision of Coinbase to consider integrating the Lightning Network into its platform is an acknowledgment of the network's growing importance in the crypto space. Armstrong's interaction with Dorsey not only brought this issue to the forefront but also reflected the cooperative spirit that drives innovation in the cryptocurrency industry.
