Kraken, the well-known cryptocurrency exchange, is planning on supporting Bitcoin’s Lightning Network later in 2020. The news comes from Pierre Rochard, the company’s Bitcoin strategist, who responded to a user’s question on Twitter.
On Wednesday, a twitter user named John Carvalho, whose handle is BitcoinErrorLog, asked Mr. Rochard outright, “Can you tell us your plans for Lightning Network support and timeline, using clear candor?”
Rochard responded to Carvalho’s request for a timeline on implementing support for the layer-two scaling solution by stating, “This year, 2020, fire me if it doesn’t happen.” It remains to be seen whether Rochard will be terminated should the deadline fail to be met.
Still, Rochard’s commitment is undeniable as evidenced in his retweet of a user’s tweet asking what it would take for the Lightning Network to be deemed ready. As of now, it seems Kraken is merely waiting for an increase in the stability of Bitcoin’s Lightning Network before offering support.
The Bitcoin Lightning Network launched in 2018 with adoption taking just months. Although support by Kraken is still pending, a number of crypto exchanges presently support the Lightning Network, including Vaultoro, the bitcoin to gold exchange, and Buda, which is a well-known South American cryptocurrency exchange. The peer to peer cryptocurrency exchange Bitfinex also supports the Lightning Network.
The Lightning Network is considered the leading scaling solution for cryptocurrency, especially in the eyes of leading members of the Bitcoin community. Bitcoin Cash advocates have floated an alternative scaling solution, which involves increasing the network block sizes.
Kraken has been a part of the blockchain revolution since 2011. The company aims to increase cryptocurrency adoption, empower investors and support institutions. More information about the company can be found at www.kraken.com.