What Happened: “The team did a great job digging into this, and we’ve made the decision to integrate Lightning,” Armstrong posted on social media. “Bitcoin is the most important asset in crypto and we’re excited to do our part to enable faster/cheaper Bitcoin transactions. Will take some time to integrate so please be patient.”

Ark Investment Management founder and CEO Cathie Wood cheered the move, saying: “Bitcoin is the world's digital monetary system, and Lightning is Bitcoin's payments layer. Coinbase's integration with Lightning will give its 100 million users an on-ramp to faster and cheaper Bitcoin transactions. Hats off to Coinbase!”

See Also: Is Bitcoin a Good Investment in 2023?

Why It Matters: The Lightning Network is like a super-fast helper for Bitcoin. It makes transactions really quick and stops the Bitcoin road from getting too crowded by using special channels for transactions. It's also very cheap to use, usually costing just a few cents.

Armstrong had previously responded to Dorsey’s query about Lightning, saying it was “non-trivial” but was “worth doing.” 

Dorsey then said he would be “happy to partner” Armstrong and Coinbase to prioritize the development of Bitcoin’s Lightning Network. 

Dorsey is known as one of the most renowned Bitcoin maximalists and is committed to open-source development of the premier digital currency, having committed millions of dollars to advance the adoption of the industry's largest digital currency.

Wood, meanwhile, is among the big believers that the price of Bitcoin will rise to as much as $1 million. Her Ark Invest is among the companies that have filed to launch a Bitcoin ETF, an issue that awaits SEC approval.

Price Action: Bitcoin’s price was up 0.21% at $26,170.08 at the time of writing, according to data from Benzinga Pro.