Brazilian neobank Nubank has partnered with payments platform Lightspark to integrate the itcoin">Bitcoin Lightning Network for its 100 million Latin American customers. This move aims to provide Nubank’s users with access to faster, cheaper transfers using blockchain technology, marking a significant step in the region’s digital finance evolution.
Lightspark, co-launched in 2022 by former PayPal president David Marcus, will work closely with Nubank on the Lightning Network integration. The partnership will also implement the Universal Money Address standard, a Lightning-based payment system that provides users with an email-like address for money transfers. This development is expected to simplify cryptocurrency transactions for Nubank’s customers, enhancing accessibility and user-friendliness.
The integration aligns with Nubank’s broader cryptocurrency strategy. Already allowing trading of 14 cryptocurrencies and partnering with stablecoin issuer Circle for USD Coin access, Nubank has also allocated 1% of its net assets to itcoin">Bitcoin. This commitment to cryptocurrency is particularly significant given Nubank’s strong presence in Latin America, with 92 million customers in Brazil and 8 million primarily in Mexico and Colombia.
This move could potentially drive substantial growth in itcoin">Bitcoin usage across Latin America, a region that has shown a strong appetite for cryptocurrency adoption. With most trading volume facilitated in Brazilian real trading pairs, followed by Mexican, Argentinian, and Colombian pesos, the Lightning Network integration could accelerate the region’s transition to digital currencies and blockchain-based financial services.
