Nubank and Lightspark Team Up to Enhance Bitcoin Transactions in Latin America

Nubank,theBraziliandigitalbankbackedbybillionaireWarrenBuffett,haspartneredwithLightsparktointegratetheBitcoinLightningNetwork.

BraziliandigitalbankNubank,whichisbackedbybillionaireWarrenBuffett,hasannouncedapartnershipwithLightsparktointegratetheBitcoinLightningNetwork.ThisintegrationwillallowNubank’s100millioncustomerstosendandreceiveBitcoinquicklyandatalowercost,makingBitcointransactionsmorepracticalforeverydayuse.OnJune25,LightsparkannounceditscollaborationwithNubanktobeginintegratingtheBitcoinLightningNetwork.Thepartnershipwillalsofocuson“integration,mapping,andbuildingpotentialproducts,”withmoreupdatespromisedinthefuture.ThomazFortes,headofNubank'scryptodivision,stated,“Weaimtouseblockchainforspeedierandcheapermoneytransfers.”Blockchaintechnology,whichsupportscryptocurrencieslikeBitcoin,offersasecurewaytohandletransactions.Aspartofthenewsetup,LightsparkwillintroducetheUniversalMoneyAddress(UMA)standard.Thissystemprovidesuserswithanaddressforsendingandreceivingmoneythatresemblesanemailaddress,simplifyingtheprocessoftransferringcryptocurrencies.DavidMarcus,formerPayPalexecutiveandfounderofLightspark,hasfocusedonmakingtheLightningNetworkaccessibleforlargeenterprises.ThiscollaborationwithNubankisanimportantstepinimprovingtheefficiencyofcryptocurrencytransactions.Nubankhasbeeninvolvedincryptocurrencyforsometime.Thebankallowstradingin14differenttypesofcrypto.Lastyear,itstartedofferingtheseservicesandinvested1%ofitsassetsinBitcoin.Additionally,thebankpartneredwithCircletoofferservicesinvolvingUSDCoin,apopularstablecoin.Mostofthebank’s92millioncustomersareinBrazil,withtherestprimarilyinMexicoandColombia.ThenewBitcoinfeatureisexpectedtoimpacttheseregions,whereinterestincryptocurrenciesisgrowing.LatinAmericahasshownincreasinginterestincryptocurrencies.KaikoResearchindicatesthatmostcryptotradingintheregioninvolvesBraziliancurrency,followedbyMexican,Argentine,andColombiancurrencies.Thebank'sinitiativecouldtapintothisgrowinginterestandpotentiallymakecryptocurrenciesmoremainstream.LightsparkiscurrentlyintheearlystagesofintegratingtheBitcoinLightningNetworkwithNubank’sservices.Whilespecificlaunchdateshavenotbeendisclosed,bothcompanieshavecommittedtoprovidingupdatesastheprojectprogresses.

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