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New App Links Coinbase With Lightning Network as Frustration Continues

Wilma Woo | Feb 14, 2018 | 09:30

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A new Blockchain app seeking to introduce Lightning Network compatibility for Coinbase users has debuted its alpha demo.

Could Coinbase Users Get Lightning?

Lightning Ramp acts as a middleman service, allowing users of major exchanges to benefit from Lightning Network improvements in transaction fees and faster processing times.

As Lightning gains huge mainnet traction among the Bitcoin community, currently operating almost 2000 channels, demand from users for better transaction experiences on Coinbase in particular also continues to grow.

While the largest US exchange and wallet provider promised SegWit functionality will appear “within weeks,” users were previously far from being able to benefit from Lightning’s capabilities.

In addition, expert Andreas Antonopoulos recently went on record to claim major exchanges like Coinbase “won’t run” Lightning in future due to its design being at odds with their regulatory obligations.

“There are plenty of things to keep us busy,” Lightning Ramp wrote on Reddit in comments about its third party solution.

I’m glad we can let Coinbase deal with holding funds. I think it’ll really help push the big guys along knowing that third parties can do these types of integrations.

Armstrong’s HR Post Falls Flat

This week meanwhile has seen Coinbase CEO Brian Armstrong come under renewed fire after he published a blog post focussing entirely on human resources management.

Titled ‘36 Ways To Hire, Develop, and Retain Great People,” the post resulted in no shortage of snide criticism from Bitcoin commentators aware of Coinbase’s year-long history of technical problems, as well as Armstrong’s own activities.

Brian has had 35+ major fails: Supporting multiple failed fork attempts, adopting #BCash, insider BCash trading, disaster Bcash rollout, no tx batching, no SegWit, useless Ethereum toys, UTXO mess, overcharging fees, attempt to "fire Core", etc. He's Coinbase's worst employee! https://t.co/ONdFbt746I

— Ragnar Lifthrasir ⚑ (@Ragnarly) February 14, 2018

Like ShapeShift Tuesday, involvement with Bitcoin Cash has given Armstrong’s business considerable negative publicity. Allegations of insider trading preceding integration of the altcoin into Coinbase wallets was followed by an announcement that no new assets would feature in the near future.

SegWit appeared to take priority in 2018 after a user petition demanded Coinbase make it first on the list of engineering upgrades.

What do you think about Lightning Ramp? Let us know in the comments below!

Images courtesy of Shutterstock, Twitter