Nubank implements Lightning Network to facilitate Bitcoin transactions that are more speedy and scalable.
A well-known Brazilian neobank called Nubank recently revealed that it would be adding Bitcoin’s layer-2 (L2) Lightning Network.
The objective of this initiative is to improve scalability, reduce costs, and increase transaction speed for its consumers.
The action is a component of a strategic partnership with Lightspark, a company that is famous for its blockchain solutions. It is possible to optimize transaction success rates and liquidity requirements by integrating with Lightspark’s tools. This equips Nubank with robust tools to improve end-to-end transaction experiences through blockchain technology.
Nubank facilitates the use of Bitcoin (BTC) for international purchases, remittances, and everyday payments by integrating the Lightning Network. This development is consistent with Nubank’s ongoing endeavors to enhance and innovate its digital banking services. Nubank Cripto’s Executive Director, Thomaz Fortes, underscored the organization’s dedication to providing customers with efficient solutions.
Fortes further stated, “The future integration of Lightning Network underscores Nu’s ongoing commitment to providing more efficient services at a reduced cost and with increased speed through blockchain technology.”.
David Marcus, CEO and co-founder of Lightspark, shared Fortes’ enthusiasm for their involvement in the introduction of Lightning Network to Nu’s 100 million customers.
Marcus expressed his satisfaction with the opportunity to assist Nubank in the continued development of their crypto solutions.
The partnership with Lightspark will introduce Universal Money Addresses (UMAs), which are similar to email addresses and are used to transmit money, in addition to the Lightning Network. This feature streamlines financial transactions for Nubank’s consumers. Nubank has pledged to make additional announcements in the near future, despite the fact that specific product details are still unknown.
The present market in Brazil is consistent with Nubank’s most recent crypto-related expansions. The Brazilian crypto market has experienced substantial growth this year, according to a report from research firm Kaiko.
From January to early May 2024, the volume of Brazilian real-denominated crypto commerce exceeded $6 billion. Brazil is now a prominent participant in the Latin American crypto market, and this growth underscores the growing interest in stablecoins, Bitcoin, and other cryptocurrencies.
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