Bitfinex Teams Up with Synonym to Boost Lightning Network Accessibility

Today, Bitfinex, the digital asset trading platform, has announced a groundbreaking collaboration with Synonym to enhance user access to the Lightning Network. This development comes as Lightning Network transactions for peer-to-peer Bitcoin transfers hit an all-time high, maintaining a robust momentum of around $210 million in January, according to data from LookIntoBlockchain.

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Despite broader market uncertainties, the Lightning Network has exhibited an impressive 1200% growth in the last two years, solidifying its position as a leading player since its establishment in 2018. Now, Bitfinex aims to amplify the network's accessibility for global traders through this strategic collaboration with Synonym.

Bitfinex, renowned for operating some of the most substantial Lightning nodes, orchestrates over 12,000 transactions monthly, upholding an average liquidity of nearly 680 BTC. Recognized for its swift transactions and cost-efficient operations, the Lightning Network emerges as a revolutionary payment solution for both individual users and businesses alike.

Paolo Ardoino, Chief Technology Officer of Bitfinex, emphasized the platform's unwavering commitment to providing financial freedom tools. "This allows payments to be made anywhere and at any time at very low cost,” stated Paolo Ardoino, Chief Technology Officer of Bitfinex.
“By giving customers access to a quick and easy payment, deposit, and withdrawal process, we’ve not only amplified the capabilities of the Lightning Network but also enhanced accessibility and convenience within the Bitfinex ecosystem."

Paolo Ardoino, Chief Technology Officer of Bitfinex
"By collaborating with Synonym, we are pioneering a new era of lightning-based transactions, reinforcing Bitfinex's role as a trailblazer in the digital asset trading landscape," added Paolo.

Synonym's Blocktank, serving as a Lightning Service Provider (LSP), introduces a Lightning Channel feature to facilitate seamless connections within the Bitfinex platform. This feature eliminates the complexities users previously faced, providing a user-friendly process for establishing Lightning channels without relying on third-party custodians.

"We are excited to see Bitfinex innovating for their customers by making it easier than ever to use the Lightning Network,” stated John Carvalho, Chief Executive Officer of Synonym. “By streamlining access to an economy where money moves at the speed of light, we are empowering individuals to experience financial freedom on their terms.”

This collaboration marks Bitfinex's continuous commitment to providing tools that deliver financial freedom. As the Lightning Network gains increasing legitimacy with Layer 2 scaling solutions, Bitfinex's efforts aim to enhance accessibility and convenience within its trading ecosystem.

For more insights into Bitfinex's ventures, check out their recent welcoming of Meme, the token of Web3 venture Memeland by 9GAG here.