Bitstamp, which is one of the oldest cryptocurrency exchange, recently announced that the institution had set up their own individual Lightning Network node for its customers.

Following the announcement, Bitstamp stated,

“We believe the Lightning Network has the potential to unlock a whole new level of utility for Bitcoin. We’ve set up our own LN  node to help grow the network and encourage other companies to get on board.”

According to the website, Bitstamp currently boasted 146 active channels from a total of 38565 on the parent network. There were 150 connected nodes out of a possible 5599 and the node capacity was recorded to be 7.283 BTC out the total 949.89 BTC which exists on the Lightning Network.

Bitstamp said that they introduced the Lightning Network node in their exchange in order to increase the use-case scenario for Bitcoin and help boost the adoption rate of the virtual asset. This development front from a technical point of view is important as in the cryptocurrency space, scalability has been an omnipresent issue for most virtual assets.

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Biraajmaan Tamuly

Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

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