Nubank, a leading Brazilian digital bank introduced Bitcoin’s Lightning Network for its customers.
In collaboration with Lightspark, the bank now can offer cheap, fast, scalable transaction for 100 million clients.
Medium of Exchange, aka money
In collaboration with Lightspark, a company known for its blockchain solutions, Nubank wants to growing the transaction success rates and manage liquidity better.
By adopting the Lightning Network, Nubank allows its users to make everyday payments, transfers, and even international purchases using directly Bitcoin, making it actual, real money.
The bank repeatedly told before they want to improve their digital services, and now they proved it.
Thomaz Fortes, Executive Director of Nubank Cripto, said that the integration of the Lightning Network is important part of Nubank’s mission to offer faster and cheaper services through Bitcoin.
Be your own bank
David Marcus, CEO and co-founder of Lightspark also shared his excitement about collaborating with Nubank to introduce the Lightning Network to Nubank’s 100 million users, and told that this partnership will help Nubank developing its Bitcoin solutions.
The partnership with Lightspark will also bring the so-called Universal Money Addresses, the UMAs to Nubank.
These addresses function like email addresses for sending money, simplifying financial transactions for users, as they don’t have to use Lightning adresses or pre-made invoices.
There isn’t much detailed information available about this, but Nubank promised some update soon.
Brazil loves crypto
Nubank’s Brazilian expansion is understandable, given the growth in the crypto market in the country.
Research firm Kaiko reports that the Brazilian market has seen big numbers this year, with crypto trading volumes in Brazilian real reaching $6 billion from January to early May 2024.
This positions Brazil as a major player in the LatAm crypto market and shows increasing interest in stablecoins, Bitcoin, and other cryptocurrencies too.
