In a groundbreaking development, Brazilian digital bank Nubank has forged a partnership with payments innovator Lightspark to integrate the Bitcoin Lightning Network, extending its reach to 100 million customers across Latin America. On June 25, Lightspark announced its collaboration with Nubank, focusing on the commencement of Lightning Network “integration, mapping, and the creation of potential products,” promising further details in the future.

In addition, Lightspark will implement the Universal Money Address (UMA) standard. This payment system, built atop the Lightning Network, allows users to transfer funds using an email-like address, enhancing user experience and transaction efficiency. Thomaz Fortes, the executive director of Nubank Cripto, affirmed that this integration aligns with Nubank’s strategy to offer rapid, low-cost blockchain-based transfers, thus augmenting the bank’s service portfolio.

Since its inception in 2022 by former PayPal president David Marcus, Lightspark has been at the forefront of developing Lightning Network infrastructure tailored for enterprise use. The integration with Nubank is hailed as a “significant milestone” for the Lightning Network, anticipated to substantially increase network usage during a pivotal period.

Nubank’s cryptocurrency services debuted in May 2022, simultaneously with the bank’s decision to allocate 1% of its net assets to Bitcoin, marking a notable commitment to the cryptocurrency ecosystem.

With approximately 92 million of its users residing in Brazil and the remaining 8 million spread across Mexico and Colombia, Nubank’s integration of the Bitcoin Lightning Network is set to revolutionize digital transactions for a vast user base in Latin America. By leveraging this cutting-edge technology, Nubank continues to solidify its position as a pioneer in the fintech industry, delivering innovative financial solutions to its extensive customer network.