Nubank Partners with Lightspark to Integrate the Bitcoin Lightning Network for Its 100 Million Customers Across Latin America

The~Berkshire~Hathaway-backed ~digital~ bank already offers trading services on ~14~ cryptocurrencies while setting aside ~one percent~ of its net assets for allocation into ~Bitcoin~.

Brazilian digital bank Nubank announced on June 25th its partnership with Lightspark to integrate the Bitcoin Lightning Network for its 100 million customers in Latin America. According to Thomaz Fortes, Nubank’s Crypto Director, this partnership aligns with the company’s strategy to use blockchain technology to enhance its financial services, particularly in the realm of transaction speeds and lower user costs at Nubank. Lightspark will handle the integration of the Bitcoin Lightning Network framework as an Enterprise lightning network infrastructure provider, as stated in the announcement. David Marcus, former PayPal president and Lightspark co-founder, views the partnership as a major step forward in the adoption and utilization of the Lightning Network. I'm stoked that @nubank has chosen @Lightspark to bring the Bitcoin Lightning Network & UMA (Universal Money Addresses) via the @umastandard to their platform & customers. Now working with the Nubank team on the integration. Vamos! https://t.co/yDYJpNXlKR ⚡pic.twitter.com/HYuuImG08u

Moreover, Nubank will also incorporate a Universal Money Address (UMA), which is an email-like address for money transfers, as part of the implementation. This UMA feature aims to simplify sending or receiving payments. Nubank, backed by Berkshire Hathaway, already provides trading services on 14 cryptocurrencies and allocates 1% of its net assets to Bitcoin, as part of its earlier deal with Circle to enter into strategic partnerships to expand access to USD Coin and enhance capabilities in the crypto trading space. Nubank's integration of the Lightning Network could have a significant impact on cryptocurrency adoption in Latin America, given the bank's large customer base in Brazil, Mexico, and Colombia. The region already boasts a high volume of cryptocurrency trading in local currencies, and this integration may further accelerate the adoption of digital finance throughout the continent.

Also Read: Rep. Matt Gaetz Bill Proposes Bitcoin Option for U.S. Tax Payments

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