Summary:
Lightspark launches UMA Extend to link Lightning Network payments to U.S. bank accounts.
UMA Extend allows businesses to receive LN payments settled in dollars.
Compatible with over 99% of U.S. banks accepting real-time payments.
Demonstrated by David Marcus, showcasing near real-time payment processing.
UMA protocol already adopted in 120 countries, supporting various financial services.
Lightspark, a Bitcoin Lightning Network financial services company, has unveiled its UMA Extend feature, aimed at enhancing the integration between crypto and traditional banking systems in the U.S. With UMA Extend, businesses can connect their accounts to receive Lightning Network (LN) payments instantly settled in dollars.
Lightspark Announces UMA Extend, Offers Lightning Network Payments Settled to Legacy Accounts
In a bid to merge the decentralized finance space with legacy banking, Lightspark has launched UMA Extend, enabling the settlement of LN payments directly to U.S. bank accounts. This innovative solution leverages Unified Money Addresses (UMA), a protocol introduced by Lightspark that allows users to have email-like addresses for sending and receiving money.
While specific eligible recipients were not disclosed, Lightspark mentioned that the service is compatible with over 99% of U.S. banks that accept real-time payments. David Marcus, the CEO of Lightspark, showcased the solution on his account on X, demonstrating that payments are sent and settled almost in real time, potentially driving broader adoption of the low-fee LN network.
The UMA protocol is already being utilized in 120 countries and has garnered support from various companies, including Coins.ph in the Philippines and Ripio in Latin America. Marcus envisions a future where the Lightning Network becomes the primary settlement network for global currencies, asserting that any corporation needing to move money will ultimately use LN and Bitcoin.
Prominent cryptocurrency exchanges like Coinbase, Bitso, and Nubank leverage Lightspark’s services to facilitate LN support for deposits and withdrawals.
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