Bitfinex becomes the first exchange to support the Lightning Network

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Bitfinex, a Hong Kong-based cryptocurrency exchange, announced support for Lightning Network deposits and withdrawals becoming the first exchange in the industry to do so.

The Lightning Network is a second layer solution to Bitcoin's scalability problem.

It was created by Lightning Labs, a San Francisco-based company building the next generation of decentralized financial infrastructure.

The idea behind it was to increase the transaction throughput of BTC's blockchain network.

Starting on Dec. 3, Bitfinex will add support for Lightning Network deposits and withdrawals.

Those running their own Lightning Node would also be able to connect with Bitfinex's Lightning Node.

"Our industry has always been brought forward by brave people [and] Bitfinex its part."

Earlier last month, one of the lead investors at DTC Capital, Spencer Noon, noted that 2019 hasn't been the "Year of the Lightning Network." He argued that the network's statistics showed that its growth was mostly stagnant throughout the year.

The move to add support for the Lightning Network by Bitfinex could create a ripple effect across the industry.

With more users joining the network, its growth could be about to experience a massive spike.