Top-tier crypto exchange platform from the US Kraken has reportedly disclosed details regarding its initiative to complete the integration of the Bitcoin Lightning Network next year. 

Specifically, Kraken reportedly expected that the integration will help in contributing noteworthy advances, regarding speed and fees, stating that Lightning enables Bitcoin (BTC)  “to process millions of transactions per second.”

Pierre Rochard – Kraken’s lead Bitcoin strategist – reportedly remarked that the Lightning integration will initially be for facilitating withdrawals, throughout the first 6 months of 2021, cutting the cost for transfer fees from around $10 every transaction to one penny – sufficient for avoiding spam transactions – as well as support immediate withdrawals. 

Rochard further claimed that the deposit feature is reportedly down the pipeline for rolling out next. Deposits – which at the moment can be carried out free-of-charge on Kraken – can be cleared instantly with the new integration, consequently removing the half-hour wait period at the moment for three confirmations on the Bitcoin blockchain. 

“We really think that this is going to benefit traders who value speed in a lot of the strategies that they employ.”

To support the development, Rochard reportedly highlighted that Kraken will spend efforts in putting together a team, dedicated to the Lightning Network, inviting interested parties to apply for the positions.

Lightning Network reportedly functions as a Bitcoin layer-two protocol, made available in March 2 years ago, following the network’s activation of Segregated Witness in 2017.