July 24, 2024
Bitcoin News

Nubank and Lightspark Launch Bitcoin Lightning in Latin America

Brazilian neobank Nubank has announced a partnership with payment platform Lightspark to introduce the Bitcoin Lightning Network to its 100 million customers across Latin America. This strategic move aims to enhance the speed and reduce the cost of cryptocurrency transactions.

Enhancing Speed and Reducing Costs

Nubank Cripto’s executive director, Thomaz Fortes, highlighted that this integration aligns with the bank’s strategy to provide faster and more affordable blockchain-based transfers. By leveraging the Lightning Network, Nubank aims to streamline cryptocurrency transactions for its vast user base, primarily in Brazil, Mexico, and Colombia.

The integration will not only improve transaction speeds but also significantly reduce transfer costs, making cryptocurrency more accessible to users.

Integrating Innovative Payment Solutions

Lightspark, co-founded in 2022 by former PayPal president David Marcus, has been at the forefront of developing Lightning Network infrastructure for enterprises.

The company announced on June 25 that it is collaborating with Nubank to begin the integration, mapping, and building of potential products. This partnership is seen as a significant milestone for the Bitcoin Lightning Network as it is expected to dramatically increase network usage.

As part of the integration, Lightspark will also incorporate the Universal Money Address (UMA) standard. This innovative payment system, built on the Lightning Network, provides users with an email-like address to transfer money. Thus, simplifying the process and enhancing user experience.

Expanding Cryptocurrency Services

Nubank, backed by Warren Buffet’s Berkshire Hathaway, has been expanding its cryptocurrency services since launching in May 2022. The bank allows trading of 14 cryptocurrencies and partnered with stablecoin issuer Circle to expand access to its USD Coin in November 2023. Moreover, Nubank’s commitment to the cryptocurrency space is further demonstrated by its allocation of 1% of its net assets to Bitcoin.

With approximately 92 million customers in Brazil and the remaining in Mexico and Colombia, Nubank facilitates a significant portion of its cryptocurrency trading volume in Brazilian real trading pairs. This is followed by the Mexican, Argentine, and Colombian pesos, according to Kaiko Research data.

Overall, this collaboration with Lightspark marks a pivotal step in Nubank’s mission to revolutionize financial services in Latin America through innovative blockchain solutions.

Image by starline on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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