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Crypto wallet Electrum to add support for Lightning Network this month

Benson Toti

Crypto wallet service Electrum will soon add support for Bitcoin’s (BTC) Layer 2 payment solution the Lightning Network, industry website Coindesk has reported, citing the start-up’s founder Thomas Voegtlin.

Earlier today, Voegtlin, who is at the BIP001 blockchain event in Odessa, Ukraine, told Coindesk that the start-up was close to releasing the new functionality.

“We’ve been doing this work for about a year in a separate branch [on GitHub] and we’ve reached the point when we are ready to merge it with our master branch,” Voegtlin said, as quoted by the online publication. “This is going to happen in the coming weeks until the end of July, and it means that the next major release will have lightning support.”

Electrum has chosen to develop its own implementation of the Lightning Network, rather than integrating existing lightning clients.

Meanwhile, the Bitcoin price has seen some significant swings over the past 24 hours. The coin topped the $12,000 level during yesterday’s early trading, but it quickly pulled back to lower levels. BTC experienced a sharp drop in late trading, with its price dropping to the low-$11,000 area. The coin eventually closed the session at $11,215.44, well below its opening price level of $11,972.72.

The coin saw further losses during today’s morning session, when its price dropped below the $11,000 mark, falling to as low as $10,890.68. The coin’s performance has improved in the afternoon, allowing BTC to recapture the $11,000 mark.

In today’s trading, the Bitcoin price stood at $11,363.17, as of 15:56 BST. The digital currency has lost 4.2% of its value in the past 24 hours, according to data from digital currency tracker Coinmarketcap. The coin’s total market cap currently stands at $202.2 billion, which represents 62.6% of the combined value of all digital currencies.

Featured image: Visual Generation /Shutterstock.com

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