Nubank To Commence Bitcoin Lightening Services for Money Transfers to Latin American Customers

Brazilian online bank Nubank has partnered with payment solutions platform Lightspark to bring the Bitcoin Lightening Network to 100 million Latin American customers.

According to the announcement, Lightspark will introduce Nubank's users to the Universal Money Address (UMA) framework. The goal is to build potential products that provide fast and reliable payment services at lower costs.

Nubank and Lightspark Enter Vital Partnership to Boost Financial Services

In an announcement, Lightspark said it will work with Nubank to integrate Lightning and mapping and build other products in the future. Moreover, the proposed Universal Money Address standard is built on Lightning and provides users with an email-like address for money transfers.

Nubank's executive director, Thomaz Fortes, noted that the integration is part of the company's plan for high-speed and low-cost blockchain transfers.

Were very excited with this partnership for the future of the Internet of Money" and the so called Finternet" by BIS paper. https://t.co/iqafBBNpUx

- Thomaz Fortes (@thomazlysafor) June 25, 2024

Similarly, Lightspark noted that the integration was a positive achievement for the Lighting Network and will boost the overall network usage. The CEO of Lightspark, David Marcus, expressed his delight in the recent development, noting that it is a positive development for its customers.

Remarkably, Nubank enjoys the backing of Berkshire Hathaway and supports the trading of fourteen cryptocurrencies. The bank also collaborated with stablecoin issuer Circle last November to expand the adoption of USDC.

Nubank has about 92 million customers in Brazil and the remaining 8 million mostly reside in Mexico and Columbia. Therefore, most of its crypto trading volume comes from Brazilian real trading pairs.

The data from Kaiko Research shows Mexican, Argentinian, and Columbian pesos are the next common trading pairs.

Industry Leaders React to the Lightspark's Partnership with Nubank

Meanwhile, Lightspark's co-founder Christian Catalini expressed his delight that Nubank chose Lightspark for the Bitcoin Lightening Network integration.

According to Catalini, The partnership marks a milestone for Nubank in achieving its aim of providing the best payment solutions. He emphasized Nubank's commitment to accelerating growth and providing more efficient blockchain services.

In addition, Jay Strategies' project manager commended the partnership, noting that Lightning Network is a reliable solution for swaps and that more people should adopt it for financial purposes.

Furthermore, an AI-powered platform, Altinvest.finance, labeled the partnership groundbreaking, describing it as a successful integration between banking and innovative crypto technologies.

Per the platform, such partnerships encourage traditional financial services to adopt Bitcoin and other cryptocurrencies.

Moreover, financial services provider Paxful noted that the Lightning Network enables anyone to use Bitcoin to pay for goods and services. These services include public transportation, online and physical stores, restaurants, coffee shops, etc.

2 Make faster Bitcoin payments.

The Lightning Network allows anyone to use #Bitcoin as payment for goods and services like public transport, online and brick-and-mortar stores, and even restaurants and coffee shops.

- Paxful (@paxful) June 24, 2024

Recent reports reveal that more users are joining the Bitcoin Lightning Network daily, with its capacity rising to $363 million, showing its fast growth. Nubank's adoption of the Lightning Network could encourage more expansion and possibly increase crypto adoption in the Latin American region.

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