Warren Buffett-Backed Nubank Integrates Bitcoin Lightning Payments

YEREVAN (CoinChapter.com) — Nubank, the Brazilian digital bank backed by billionaire Warren Buffett, has partnered with Lightspark to integrate the Bitcoin Lightning Network. This will enhance Bitcoin transactions for millions of users in Latin America by making transfers faster and cheaper.

On June 25, Lightspark announced its collaboration with Nubank to begin integrating the Bitcoin Lightning Network. This partnership will focus on “integration, mapping, and building potential products,” with more updates promised in the future.

Nubank and Lightspark Team Up to Enhance Bitcoin Transactions

Warren Buffett-backed Nubank announced its plan to implement the Bitcoin Lightning Network. The partnership with Lightspark will allow Nubank’s 100 million customers to send and receive Bitcoin quickly and at a lower cost. This integration aims to make Bitcoin transactions more practical for everyday use.

Thomaz Fortes, head of Nubank’s crypto division, stated,

“We aim to use blockchain for speedier and cheaper money transfers.”

Blockchain technology, which supports cryptocurrencies like Bitcoin, offers a secure way to handle transactions.

Nubank Simplifies Crypto Transfers with UMA

Lightspark will introduce the Universal Money Address (UMA) standard as part of the new setup. This system provides users with an address for sending and receiving money that resembles an email address. This feature aims to simplify the process of transferring cryptocurrencies.

David Marcus, former PayPal executive and founder of Lightspark, has focused on making the Lightning Network accessible for large enterprises. This collaboration with Nubank is an important step in improving the efficiency of cryptocurrency transactions.

Nubank Expands Crypto Services with Bitcoin and USD Coin

Nubank has been involved in cryptocurrency for some time. The bank allows trading in 14 different types of crypto. Last year, it started offering these services and invested 1% of its assets in Bitcoin. Additionally, the bank partnered with Circle to offer services involving USD Coin, a popular stablecoin.

Most of the bank’s 92 million customers are in Brazil, with the rest primarily in Mexico and Colombia. The new Bitcoin feature is expected to impact these regions, where interest in cryptocurrencies is growing.

Crypto Popularity in Latin America

Latin America has shown increasing interest in cryptocurrencies. Kaiko Research indicates that most crypto trading in the region involves Brazilian currency, followed by Mexican, Argentine, and Colombian currencies. The bank’s initiative could tap into this growing interest and potentially make cryptocurrencies more mainstream.

Lightspark is currently in the early stages of integrating the Bitcoin Lightning Network with Nubank’s services. While specific launch dates have not been disclosed, both companies have committed to providing updates as the project progresses.