Nubank adds Bitcoin Lightning Network for user transactions
Popular Brazilian neobank Nubank recently announced the integration of the Bitcoin Layer-2 (L2) Lightning Network.
This initiative aims to increase transaction speed, reduce costs and improve user experience.
Nubank partners with Lightspark to enhance user experience through the Lightning Network
The move is part of a strategic partnership with Lightspark, a company known for its blockchain solutions. Integration with Lightspark tools optimize transaction success rates and liquidity requirements. This provides Nubank with powerful tools to improve end-to-end transaction experiences through blockchain.
By incorporating the Lightning Network, NuBank enables its customers to make daily payments, transfers and international purchases in Bitcoin (BTC). This development is in line with NuBank's continuous efforts to improve and enhance its digital banking services. Tomasz Fortes, CEO of Nubank Crypto, emphasized the institution's focus on efficient solutions for clients.
Read more: Beginner's tutorial to start using Lightning Network
“The future integration of the Lightning Network underscores Nu's ongoing mission to deliver faster and lower costs through blockchain technology,” Fortes added.
David Marcus, CEO and founder of LightSpark, echoed Fortes' comments, expressing his excitement about introducing the Lightning Network to Nu's 100 million customers.
“We are very excited to have Nubank upgrade their crypto solutions,” said Marcus.
In addition to the Lightning Network, the partnership with Lightspark introduces Universal Money Addresses (UMAs), which act as email addresses for sending money. This feature simplifies financial transactions for NuBank users. While specific product details have yet to be revealed, Nubank promises more announcements in the near future.
Nubank's recent crypto-related expansions align with the market in Brazil. According to a report by research firm Caico, Brazil's crypto market has seen significant growth this year.
Read more: Best Bitcoin Lightning Network Wallet in 2024
Brazilian real crypto trade volume reached $6 billion from January to early May 2024. This development places Brazil as a leading player in the Latin American crypto market and highlights the interest in stablecoins, Bitcoin and other cryptocurrencies.
Disclaimer
Adhering to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This newsletter aims to provide accurate and up-to-date information. However, readers are advised to independently verify facts and consult with experts before making any decisions based on this content. Please note that our terms and conditions, privacy policies and disclaimers have been updated.
