As a next step in its efforts to further integrate the Lightning Network into its service offerings, the OTC desk of Vietnam’s oldest Bitcoin Exchange service BitcoinVN is now offering trades settled via the Lightning Network for an amount of up to an equivalent of 20,000 USD per transaction.
BitcoinVN’s Head of OTC trading Nguyen Tran Bao Phuong:
“This has been a long time coming. We as an exchange service provider have been going through various high on-chain fee periods.which significantly reduced the customer satisfaction.
At the same time over the past couple of years. the Lightning Network has matured sufficiently to finally being able to move lower and mid-sized OTC.transactions over to the Lightning Network.
The transaction speed and fees of Lightning transactions.are unmatched – Bitcoin’s payment layer is finally leaving.its infancy and getting ready for more serious business adoption.”
For OTC trades beyond that range the firm will still utilize the traditional Bitcoin on-chain transactions.
Last year’s introduction of Wumbo channels made away with the initial capacity restrictions for Lightning channels and payments; allowing the Lightning Network to enter a new phase where major business adoption becomes possible.
BitcoinVN has undertaken previous efforts in supporting the Lightning adoption in Vietnam via the enablement of the company-owned trading platform VBTC and its investment in Vietnam’s leading Lightning Service Provider Neutronpay.
The firm is planning to roll out full Lightning Network support for all its online services within the next year.