Tech
Nubank will launch Bitcoin lightening services for money transfers to customers in Latin America
Brazilian online bank Nubank has partnered with payment solutions platform Lightspark to bring Bitcoin Lightening Network to 100 million customers in Latin America.
According to announcement, Lightspark will introduce Nubank users to the Universal Money Address (UMA) framework. The goal is to create potential products that provide fast and reliable payment services at lower costs.
Nubank and Lightspark Enter Vital Partnership to Power Financial Services
In a announcementLightspark said it will work with Nubank to integrate Lightning and mapping and create more products in the future. Additionally, the proposed Universal Money Address standard is Lightning-based and provides users with an email-like address for money transfers.
Nubank Executive Director Thomaz Fortes noted that the integration is part of the company’s plan for high-speed, low-cost blockchain transfers.
We are very excited about this partnership for the future of the “Internet of Money” and the so-called “Finternet” of BIS paper. https://t.co/iqafBBNpUx
— Thomaz Fortes (@thomazlysafor) June 25, 2024
Likewise, Lightspark noted that the integration was a positive outcome for the lighting network and will increase overall network usage. The CEO of Lightspark, David Markexpressed its satisfaction with the recent development, stressing that it is a positive development for its customers.
Surprisingly, Nubank enjoys the support of Berkshire Hathaway and supports trading of fourteen cryptocurrencies. Even the bank collaborated with stablecoin issuer Circle last November to expand USDC adoption.
Nubank has approximately 92 million customers in Brazil and the remaining 8 million reside primarily in Mexico and Colombia. Therefore, the majority of its cryptocurrency trading volume comes from Brazilian real trading pairs.
The data from Kaiko research shows that the Mexican, Argentine and Colombian pesos are the next common trading pairs.
Industry leaders react to Lightspark’s partnership with Nubank
Meanwhile, the co-founder Cristiano Catalini expressed his delight that Nubank chose Lightspark for the Bitcoin Lightening Network integration.
Second CataliniThe partnership marks a milestone for Nubank in achieving its goal of providing best-in-class payment solutions. He underlined Nubank’s commitment to accelerate growth and provide more efficient blockchain services.
Furthermore, Jay Strategies project manager praised 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-based platform, Altinvest.financecalled the partnership innovative, describing it as a successful integration between the banking sector and innovative cryptographic technologies.
According to the platform, such partnerships encourage the adoption of traditional financial services Bitcoin and more cryptocurrencies.
Additionally, financial services provider Paxful noted that the Lightning Network allows anyone to use Bitcoin to pay for goods and services. These services include public transport, online and physical stores, restaurants, cafes, etc.
2⃣ Make Bitcoin payments faster.
The Lightning Network allows anyone to use it #Bitcoin as payment for goods and services such as public transport, online and physical stores, and even restaurants and cafes.
—Paxful (@paxful) June 24, 2024
Recent reports reveal that every day more and more users are joining the Bitcoin Lightning Network, with its capacity rising to $363 million, demonstrating its rapid growth. Nubank’s adoption of the Lightning Network could encourage greater expansion and possibly increase cryptocurrency adoption in the Latin America region.
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile and high-risk asset class.
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