The Brazilian digital bank Nubank announced its partnership with Lightspark to integrate the Bitcoin Lightning Network for over 100 million users across Latin America.
According to the announcement, Lightspark will be in charge of integrating the Bitcoin Lightning Network. They are known for providing enterprise lightning network infrastructure.
Thomaz Fortes, Crypto Director of Nubank, said this partnership fits with the company’s goal of using blockchain technology to improve financial services. This will help reduce transaction rates and lower costs for Nubank’s customers.
David Marcus, former president of PayPal and co-founder of Lightspark, sees this partnership as a big step towards the wider use of the Lightning Network.
Nubank, backed by Berkshire Hathaway, already offers trading services for 14 cryptocurrencycurrencies. They have also set aside one percent of their net assets to invest in Bitcoin. This is in line with their earlier deal with Circle to expand access to USD Coin and improve cryptocurrency trading capabilities.
Nubank will also introduce a Universal Money Address (UMA). This UMA works like an email address for money transfers, making it easier to send and receive money.
The region already has high cryptocurrencycurrency trading volumes in local currencies. This partnership might further speed up the adoption of digital finance across the continent.
Nubank’s main customer base is in Brazil, but it is growing in Mexico and Colombia. The adoption of the Lightning Network by Nubank could greatly impact Bitcoin use in Latin America.
By bringing the Bitcoin Lightning Network to its large user base, Nubank and Lightspark are making a significant step towards modernizing financial services in Latin America. This integration could lead to faster and cheaper transactions and more acceptance of cryptocurrencycurrencies in the region.
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