Buffett-backed Major Bank Integrates Bitcoin Lightning Network

Nubank, the largest digital bank in Latin America and backed by Warren Buffett’s Berkshire Hathaway, has partnered with Lightspark to integrate the Bitcoin Lightning Network and Universal Money Address.

This integration will allow Nubank’s vast customer base to conduct faster and easier cryptocurrency transactions, marking a significant step towards mainstream adoption of Bitcoin in the region.

Nubank Partners with Lightspark

On June 25, 2024, Lightspark, a Bitcoin (BTC) development company, announced a partnership with Nubank, the largest digital bank in Latin America.

Nubank is backed by Warren Buffett’s investment fund, Berkshire Hathaway. This collaboration aims to integrate the Bitcoin Lightning Network into Nubank’s platform.

Nubank, a fintech bank invested in by Warren Buffett’s holding company, Berkshire Hathaway, began offering cryptocurrency trading services in 2022 through a partnership with the crypto company Paxos.

Lightspark, founded by David Marcus, who previously headed Meta’s (formerly Facebook) digital currency initiative, offers services and tools that utilize the Lightning Network technology, enabling fast and low-cost Bitcoin transactions.

This partnership will enable Nubank to integrate the Lightning Network into its platform, allowing Nubank’s customers to use the Bitcoin Lightning Network.

Integration of Universal Money Address (UMA)

According to David Marcus, the partnership will also integrate the Universal Money Address (UMA) into Nubank’s platform.

UMA is an open-source payment system that allows for the sending and receiving of cryptocurrencies and fiat currencies using simple email-like addresses such as “you@domain.com”.

UMA-compatible wallets, exchanges, and banks can facilitate 24/7 transactions.

With this integration, Nubank’s platform will support both the Lightning Network and UMA, enabling customers to send small amounts of BTC via the Lightning Network and easily send and receive money using UMA.

As Latin America’s largest digital bank, serving over 100 million customers in Brazil, Mexico, and Colombia, Nubank’s adoption of the Lightning Network and UMA is expected to further popularize Bitcoin and make it a more mainstream presence.