The Crypto Roundup: 26 June 2024 | CryptoCompare.com

Brazilian digital banking giant Nubank is bringing the Bitcoin Lightning Network to its 100 million users in Latin America after forming a partnership with Lightspark, a payments platform focused on enterprise adoption of the Lightning Network.

Lightspark, co-founded by former PayPal president David Marcus in 2022, will assist Nubank with integrating the Lightning Network and the Universal Money Address (UMA) standard. UMA simplifies cryptocurrency payments by assigning users email-like addresses for sending and receiving funds.

The Lightning Network is a layer-2 scaling solution built on top of Bitcoin aiming to address the cryptocurrency’s scalability limitations. Lightspark said that the Nubank integration is a “significant milestone” that would “dramatically impact overall network usage at a time when it’s most needed.”

Nubank, a major player in Latin American finance backed by Warren Buffett’s Berkshire Hathaway, entered the cryptocurrency space in May 2022 and currently allows trading in 14 cryptocurrencies.

Notably, Nubank also allocated 1% of its net assets to Bitcoin, signaling its commitment to the digital currency. Around 92 million of its users are based in Brazil, while the remaining 8 million are mostly in Mexico and Colombia.

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• Source: https://www.cryptocompare.com/email-updates/daily/2024/jun/26/