Binance successfully integrated the Bitcoin Lightning Network, allowing users to make quicker and cheaper transactions. The connection enables users to deposit and receive Bitcoin over the Layer 2 network, utilizing direct payment channels for off-chain transactions with low costs. The Lightning Network has risen in popularity over the last year, with a total capacity of over 5,000 bitcoin (roughly $152 million). Binance joins the ranks of other cryptocurrency exchanges that provide Lightning Network services, including Kraken and Bitfinex. Coinbase CEO Brian Armstrong recommended the integration in the future.
Gnosis has released its Gnosis Card debit card, which will facilitate real-world payments using its new payment network, Gnosis Pay. The card will be accessible in the EU and EEA nations, the United Kingdom, and the United States, with plans to extend to the United States, Brazil, Mexico, Singapore, and Hong Kong in Q4. To use money for real-world payments, users must connect their wallets, and payments can be made anywhere Visa is accepted. Gnosis Pay differs from other Web2 payment networks in that it gives consumers control over their money. The card will only accept EURe, a stablecoin tied to the Euro, and is in the process of integrating MakerDAO’s decentralized stablecoin DAI. To scale and safeguard KYT and KYC information, Gnosis Pay employs a custom-designed layer-2 protocol built on top of the Gnosis Chain. The card will only come in the form of a physical card and a web app, with a mobile version coming in the near future.