Nubank Partners with Lightspark to Offer Bitcoin Lightning Network to Latin American Customers
Summary:
Nubank, the Brazilian digital bank, is collaborating with payments platform Lightspark to bring the Bitcoin Lightning Network to its 100 million customers across Latin America. As part of the initiative, the Universal Money Address standard will also be integrated. The move aims at facilitating speedier, cost-effective blockchain-based transfers. The integration represents a significant boost for the Lightning Network infrastructure and marks an important step in Nubank's cryptocurrency services, which were launched in May 2022.
In a collaborative initiative, Nubank, a Brazil-based digital bank, and payment platform Lightspark aim to bring the Bitcoin Lightning Network to its sizable customer base of 100 million Latin Americans. On June 25, Lightspark revealed its ongoing efforts with Nubank to execute the Lightning integration and to explore possibilities for creating new products, with more updates slated for the future. The Universal Money Address standard, a payment protocol based on Lightning Network that enables easy money transfers through an email-like address, will form part of this integration.
This move is in line with Nubank's objective to offer speedier, cost-efficient blockchain-based transfers, as conveyed by Thomaz Fortes, executive director of Nubank Cripto. The work on Lightning Network infrastructure for business enterprises by Lightspark, co-founded by former PayPal president David Marcus in 2022, plays a significant role in this endeavour. Considered a substantial achievement for the Lightning Network, the Lightspark-Nubank integration stands to considerably increase overall network usage when it is most required.
Nubank, with substantial backing from Berkshire Hathaway owned by Warren Buffet, supports the trading of as many as 14 cryptocurrencies. It expanded the reach of its USD Coin after establishing a partnership with stablecoin issuer Circle last November. Nubank introduced its crypto services in May 2022 and simultaneously announced its plan to dedicate 1% of its net assets into Bitcoin. Nubank has 92 million clients in Brazil, and 8 million spread between Mexico and Colombia. Most of the cryptocurrency trade volume occurs through Brazil's national currency, followed by Mexican, Argentine, and Colombian currencies according to data by Kaiko Research.
Published At
6/26/2024 3:23:43 AM
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