[PRESS RELEASE – Victoria, Seychelles, 22nd March 2022]
AAX, the first cryptocurrency exchange to have implemented the Satoshi (SATs) Standard, is delighted to announce today its integration with the Lightning Network. Thanks to the technology from Lightning Labs, the leading developers of the faster, cheaper, and global Layer-2 network for Bitcoin, AAX can also practice its commitment to embracing the SATS Standard.
AAX’s integration with Lightning Network underlines its ongoing commitment to bringing the most advanced blockchain technologies to its users. Scaling solutions are in high demand as BTC adoption is growing and more users are interacting with the network, leading to inflated transaction fees and slower processing times. At present, BTC payments can take 30 minutes or longer to process, with fees of $10 or more.
By integrating with the Lightning Network, AAX will enable users to send BTC in real-time at a minimal cost. It will ensure a seamless trading experience for every AAX user, from depositing and purchasing tokens to making withdrawals with close-to-zero waiting time. The near-instantaneous transactions also open the door to increased possibilities for arbitrage traders on AAX.
A more streamlined experience for users will also boost the adoption of the new SATS Standard. AAX was the first cryptocurrency exchange to embrace the SATS Standard, which simplifies BTC transactions when users buy or sell smaller amounts of tokens. This addition is intended to make Bitcoin more accessible to new cryptocurrency users, especially those coming from unbanked communities who likely have fewer funds.
“Our move to switch to a Satoshi Standard and to launch a dedicated SATS/USDT spot market that enables everyone to purchase and save in Bitcoin, at no cost, really only starts to make sense if it is coupled with an integration with Lightning Network,” said Ben Caselin, Head of Research and Strategy at AAX. “Our integration with this open network makes it possible for users to not only trade, but also deposit and withdraw Bitcoin at virtually no cost. It’s an effective and important way for crypto exchanges to promote the adoption of Bitcoin worldwide.”
AAX is a top-tier crypto exchange that caters to a global audience with the vision of bringing the benefits of crypto to everyone. Through an accessible range of products and by contributing to the conversation about crypto and culture, we aim to empower the estimated 96% of people worldwide who do not yet own Bitcoin and other digital assets to build better and more inclusive economies.
Favored by more than two million users in over 100 countries, AAX is the first exchange to use the Satoshi Standard (SATS) to drive the adoption of Bitcoin. We are also the first to be powered by LSEG Technology, offering high-yield savings packages, 100+ spot pairs, deeply liquid futures markets, regular discounts on major tokens and a range of on- and off-ramp products.