Coinbase Gets A Thumbs Up From Cathie Wood For Finally Embracing Bitcoin Lightning Network: 'Hats Off!'
Portfolio Pulse from Ramakrishnan M
Coinbase Global Inc (NASDAQ:COIN) has decided to integrate Bitcoin's Lightning Network for faster and cheaper transactions. The move was applauded by Cathie Wood, CEO of Ark Investment Management. The Lightning Network was previously integrated by Binance and is also being utilized by Block Inc (NYSE:SQ).
September 13, 2023 | 12:45 pm
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POSITIVE IMPACT
Coinbase's decision to integrate Bitcoin's Lightning Network could enhance its service offering, potentially attracting more users and increasing transaction volumes.
The integration of the Lightning Network will allow Coinbase to offer faster and cheaper Bitcoin transactions, which could make its platform more attractive to users. This could lead to increased user growth and transaction volumes, potentially boosting its revenues.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Block Inc, which already utilizes Bitcoin's Lightning Network, could face increased competition from Coinbase following its decision to integrate the same technology.
Coinbase's decision to integrate the Lightning Network could increase competition in the cryptocurrency exchange market. As Block Inc already utilizes this technology, it could face increased competition from Coinbase, which could impact its market share.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50