Kraken, a cryptocurrency exchange, has removed the Bitcoin Lightning Network service for its users in Germany owing to technical modifications.
The suspension was initially ascribed to regulatory concerns by a Kraken support representative; however, a spokeswoman for the San Francisco-based firm emphasized that Kraken Support had erroneously identified these modifications as the cause for the suspension.
The Lightning Network is a “second layer” application for Bitcoin that facilitates expedited transactions and enables minor purchases using the cryptocurrency. Other prominent crypto exchanges, including Coinbase, also include Lightning integration.
The service enables consumers to select an alternative network for Bitcoin transactions, resulting in substantial savings.
The current Bitcoin price is $58,410.23 USD, with a 24-hour trading volume of $21,379,075,311 USD, reflecting a 3.02% decline in value over the past 24 hours.
