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Latin American largest digital banking platform, Nubank has announced a partnership with Lightspark to onboard Bitcoin Lightning Network to its service. This move seeks to integrate the lightning network to over 100 million customers increasing efficiency and speed in financial transactions.
Nubank Eyes Top Solutions
According to a June 25 press release, the partnership will see both firms working on strategies including mapping integration and more to help users and developers. Nubank will create end-to-end experiences for users seamlessly without the complexities of managing the lightning network. This will lead to faster and cheaper transactions for users.
“We’re working with the Nu team on exploring synergies, starting the integration, mapping, and building potential products, and we’ll have more to share in the future. By partnering with Nu, we’re delighted to help bring one of the world’s largest digital financial services platforms to Lightning and UMA.”
Lightspark boasts one of the best Lightning Network solutions with SDKs and APIs creating an overall better experience. Creating low-cost Bitcoin generally fiat transactions will position the firm in its expansion quest. The popularity of the Bitcoin Lightning Network continues to grow with more significant milestones. The mainstream adoption of the asset has surged this year with Bitcoin price hitting an all-time high above $73,000.
Both Firms Set For Collaboration
Thomaz Fortes, the Executive Director at Nubank explained the importance of the partnership with Lightspark adding that it is in line with the company’s mission to create proper solutions for customers. Sim
“The future integration of Lightning underscores Nu’s ongoing mission to offer more efficient services with greater speed and lower costs through blockchain technology.”
Similarly, David Marcus Lightspark’s CEO expressed delight in bringing the Bitcoin Lightning Network to Nubank’s 100 million customers aimed at creating easier and more efficient solutions. Digital asset enthusiasts also lauded the partnership on social media spaces as attracting positive sentiments to the market.
Also Read: GameStop (GME) Erases MTD Gains Amid Roaring Kitty’s Hibernation
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
MATIC is down by less than 1% despite Polygon’s recent partnership with Nubank. However, the coin could rally higher over the coming hours and days.
MATIC, the native coin of the Polygon network, is down by less than 1% in the last 24 hours. At press time, MATIC is trading at $0.8432 per coin.
The poor performance comes despite Polygon announcing a strategic partnership with Nubank, the leading fintech platform in Latin America.
#Polygon is taking @Nubank from #Web2
#Web3!
In a strategic partnership with Polygon, Nubank is launching its own chain using #PolygonSupernets & thus its digital token Nucoin #onPolygon
This move will open the gateway for 70 mn+ Nubank users to the #Web3 space
pic.twitter.com/Fu06Vi7IpV
— Polygon – MATIC
(@0xPolygon) October 19, 2022
According to the terms of the deal, Nubank will launch its own chain using Polygon Supernets. Nubank will also launch its digital token Nucoin on the Polygon network.
MATIC’s performance comes as the broader cryptocurrency market is underperforming. The total cryptocurrency market cap stands at $923 billion, down by less than 1% in the last 24 hours.
Bitcoin is up by less than 1% and continues to maintain its price above the $19,000 support level. Ether, the second-largest cryptocurrency by market cap, is also up by less than 1% and is currently trading at $1,300 per coin.
Key levels to watch
The MATIC/USD 4-hour chart is bullish thanks to Polygon adding more than 14% to its value over the past seven days.
MATIC/USD Chart By TradingView
The MACD line is currently in the positive zone, indicating that MATIC is performing excellently at the moment. The 14-day relative strength index of 53 shows that MATIC is not close to the oversold region at press time.
The bulls are gaining control of the market and could push MATIC higher before the end of the day. MATIC could soar past the first major resistance level at $0.9055 over the next few hours.
However, MATIC would need the support of the broader market to rally toward the $0.9402 resistance level for the first time since August.
If the bears take full control of the market, MATIC could slip below the $0.8033 support level before the end of the day.
Where to buy MATIC now
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Bitstamp
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.
Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.
In yet another act of mainstream adoption of digital assets, Brazil based Nubank, one of the world’s largest digital banking platforms, announced on Wednesday it will offer cryptocurrency buying, holding and selling capabilities in collaboration with blockchain infrastructure platform Paxos. Nubank’s move into crypto represents a strategic move for the company and will further accelerate adoption in the region, Paxos said.
Crypto Access To 50 Million People
With access to Bitcoin and Ethereum, the move is likely to bring 50 million Brazilians into the crypto ecosystem through Nubank. By adding crypto, they expand on that promise by creating trusted access to this new system and fast growing asset class, it added.
We are fueling the adoption of crypto by working with trusted brands and platforms upon which consumers already rely. Today, more people have access to a fast, safe and transparent banking system that was previously out of reach. We are proud to bring hundreds of millions of people closer to a more inclusive financial system and we are proud to partner with Nubank to make it possible.
The Warren Buffett Paradox
Latin America’s biggest bank by market capitalization, Nubank is widely known in Brazil for its crypto friendly practices. The latest move to offer cryptocurrency trading on its platform bodes well for the country’s Bitcoin enthusiasts.
Interestingly, Warren Buffett’s Berkshire Hathaway had in February this year purchased $1 billion worth of Nubank stock. This is in contrast to the billionaire’s popularly known criticism of cryptocurrencies stating that the asset does not create anything.
As recently as this month, Buffett said,
“If you told me you own all of the Bitcoin in the world and you offered it to me for $25, I wouldn’t take it because what would I do with it? I’d have to sell it back to you one way or another. It isn’t going to do anything.”
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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