Nubank Introduces Bitcoin Lightning Network to 100M Latin American Users

Brazilian digital bank Nubank has collaborated with payment platform Lightspark to bring the Bitcoin Lightning Network to its 100 million customers across Latin America.

Key Details of the Partnership

On June 25, Lightspark announced its partnership with Nubank, focusing on integrating, mapping, and developing potential products for the Lightning Network. Lightspark will also introduce the Universal Money Address standard, which provides users with an email-like address for sending and receiving funds.

Enhancing Payment Speed and Efficiency

Thomaz Fortes, Nubank Cripto’s executive director, stated that this integration aligns with the neobank’s goal of offering faster and cost-effective transfers through blockchain technology. Lightspark, founded in 2022 by former PayPal president David Marcus, specializes in building Lightning Network infrastructure for businesses.

Significance for the Lightning Network

Lightspark highlighted that the integration with Nubank marks a major milestone for the Lightning Network, anticipating a significant increase in network usage at a crucial time.

Nubank’s Cryptocurrency Ventures

Nubank, supported by Warren Buffet’s Berkshire Hathaway, enables the trading of 14 cryptocurrencies. In November 2023, it partnered with stablecoin issuer Circle to broaden access to USD Coin (USDC). The bank’s cryptocurrency services began in May 2022, along with an announcement to allocate 1% of its net assets to Bitcoin (BTC).

Regional Customer Base and Trading Volume

Nubank serves approximately 92 million customers in Brazil, with an additional 8 million in Mexico and Colombia. According to Kaiko Research, most cryptocurrency trading volume occurs in Brazilian real trading pairs, followed by the Mexican, Argentine, and Colombian pesos.