Nubank, Latam’s most valuable bank, has partnered with Lightspark, a cryptocurrency-focused financial services company, to bring its customers access to Lightning Network transactions. With this partnership, Nubank expects to lower costs and get more flexibility for users to take advantage of its trading platform, according to Thomaz Fortes, Executive Director for Nubank Crypto.
Nubank Partners With Lightspark to Bring Lightning Network Access to Over 100 Million Customers in Latam
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Nubank to Include Lightning Network Functionality After Partnering With Lightspark
Nubank, the digital-only neobank, is moving to include Lightning Network (LN) functionality in its platform. According to a press release issued on Tuesday, the company has partnered with Lightspark, a Bitcoin-based financial services company, to integrate part of its Lightning Network services stack to Nubank’s customers, potentially allowing more for cheap and quick onboarding for Nubank customers.
While the full extension of the partnership is still unknown, Lightspark mentions it entails the integration of Lighting node services and support for Universal Money Address (UMA), Lightspark’s email-like protocol that eases LN transactions by using human-readable addresses to abstract crypto transactions.
Nubank’s drive to support this bitcoin-based protocol underscores the relevance of crypto for the company, which became the largest bank in Latin America in May, scoring over 100 million customers and reaching a market value of over $58 billion.
Thomaz Fortes, Executive Director for Nubank Crypto, reinforced the relevance of this team-up, stating that it was another step for Nubank to “provide the best solutions for our clients and reinforce our long-term relationship with all of them.” Furthermore, Fortes specified:
The future integration of Lightning underscores Nu’s ongoing mission to offer more efficient services with greater speed and lower costs through blockchain technology.
David Marcus, Lightspark’s CEO, declared that the company was excited to be part of Nubank’s journey into evolving the supported crypto solutions for its customers.
Lightspark’s solutions have helped other exchanges to adopt LN tech into their service stack, given the challenges that supporting it presents for some companies. Coinbase also chose Lightspark as a partner for supporting LN transactions in May.
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