The news comes less than a month after Binance announced plans to integrate Bitcoin’s Lightning Network.

Cryptocurrency exchange Binance has completed the integration of the Bitcoin Lightning Network for Bitcoin withdrawals and deposits on its platform.

The development was confirmed by Binance in a July 17 blog post, with the exchange noting that Binance users can now make BTC withdrawals and deposits using the layer 2 scaling solution.

When users now choose to withdraw or deposit Bitcoin, they can now select Lightning as an option. Other options include BNB Smart Chain (BEP-20), Bitcoin, BNB Beacon Chain (BEP2), BTC (SegWit), and Ethereum ERC-20.

Binance first hinted at Lightning Network integration in May after it had to temporarily suspend BTC withdrawals due to a large number of pending transactions caused by “recent surges in BTC network gas fees.”

The explosion in transaction fees can largely be attributed to the creation of memecoins on Bitcoin in the form of BRC-20 tokens, a new token standard on the network.

Shortly after users discovered Binance’s own Lightning node, Binance subsequently confirmed that it was joining the Lightning Network on June 20.

Binance joins Bitfinex, River Financial, OKX, Kraken, and CoinCorner as other notable exchanges that accept the Lightning Network.

Coinbase CEO Brian Armstrong also said in April that he intends to integrate Bitcoin Layer 2 networks on Coinbase. However, he did not give a specific timeline.

The Lightning Network aims to make Bitcoin transactions faster and cheaper by allowing users to create off-chain transaction channels.