- Nubank will use new blockchain technologies to increase scalability and transaction speeds.
Brazilian neobank Nubank today revealed a collaboration with Lightspark to include the Bitcoin Lightning Network into its cryptocurrency offerings, with the goal of improving scalability and transaction speed for more than 100 million users.
Fortes continued by saying that the neobank’s goal of providing more effective services is supported by its implementation. Customers of Nubank have had access to cryptocurrency since late 2022, but withdrawals were only made available in April of this year. Nubank introduced the Nucoin token, a component of a customer loyalty scheme, in March 2023.
Notably, Berkshire Hathaway, the business headed by renowned investor and cryptocurrency hater Warren Buffett, invested $500 million in Nubank.
We take great pride in being able to provide over 100 million Nubank customers with solutions through Lightning that streamline and improve their financial lives. David Marcus, CEO and co-founder of Lightspark, said, “We at Lightspark are thrilled to enable the development of new services from the crypto universe alongside Nu’s talented team.”
According to the release, this is a big step for Nubank’s use of blockchain technology in its products. The technical teams of both businesses will look into other blockchain-based solutions to keep enhancing the functionality of the Nubank app.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
