Nubank Introduces Bitcoin Lightning to 100 Million Latin American Customers

Nubank, a Brazilian neobank, has formed a partnership with payments platform Lightspark to bring the Bitcoin Lightning Network to its 100 million customers in Latin America.
On June 25, Lightspark announced that it is collaborating with Nubank to initiate the Lightning “integration, mapping, and building potential products,” with more details to come in the future.
In addition to this, Lightspark will incorporate the Universal Money Address standard, which is a payment system based on Lightning that provides users with an email-like address for money transfers.
This integration is part of the neobank’s strategy to provide high-speed, low-cost transfers through blockchain technology, as stated by Thomaz Fortes, Nubank Cripto’s executive director.
Since its launch in 2022 by former PayPal president David Marcus, Lightspark has been developing Lightning Network infrastructure for businesses.
According to Lightspark, the integration with Nubank marks a “significant milestone” for the Lightning Network, as it is expected to have a major impact on overall network usage at a crucial time.
Nubank, which is backed by Warren Buffet’s Berkshire Hathaway, allows the trading of 14 cryptocurrencies and partnered with stablecoin issuer Circle to extend access to its USD Coin (USDC) in November.
Its cryptocurrency services were introduced in May 2022, coinciding with the announcement that the company would allocate 1% of its net assets to Bitcoin.
Of Nubank’s 100 million customers, 92 million are based in Brazil, while the remaining 8 million are primarily located in Mexico and Colombia.
According to Kaiko Research data, the majority of cryptocurrency trading volume is conducted in Brazilian real trading pairs, followed by the Mexican, Argentinian, and Colombian pesos.
Magazine:
Get Bitcoin or die tryin’: Why hip hop stars love crypto.