Nubank, a Brazilian neobank, has joined forces with Lightspark, a payments platform, to provide the Bitcoin Lightning Network to its 100 million customers across Latin America.
According to Lightspark, the integration, mapping, and potential product development for Lightning is underway with Nubank, with more details to come in the future. Additionally, Lightspark will integrate the Universal Money Address standard, which is a payment system based on Lightning that offers users an email-like address for money transfers.
This collaboration is part of Nubank’s strategy to offer faster and more cost-effective transfers through blockchain technology, as stated by Thomaz Fortes, the executive director of Nubank Cripto.
Since its launch in 2022 by former PayPal president David Marcus, Lightspark has been constructing Lightning Network infrastructure for businesses. The company views the Nubank integration as a significant milestone for the Lightning Network, which is expected to have a substantial impact on overall network usage, particularly during critical times.
Nubank, which is supported by Warren Buffet’s Berkshire Hathaway, already allows the trading of 14 cryptocurrencies and partnered with stablecoin issuer Circle to broaden access to its USD Coin (USDC) in November. The neobank introduced its crypto services in May 2022 and announced its allocation of 1% of net assets to Bitcoin.
Out of Nubank’s 100 million customers, approximately 92 million are located in Brazil, while the remaining 8 million are primarily in Mexico and Colombia. The majority of cryptocurrency trading volume is conducted in Brazilian real trading pairs, followed by the Mexican, Argentinian, and Colombian pesos, according to data from Kaiko Research.
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