|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Lightspark Announces UMA Extend, Offers Lightning Network Payments Settled to Legacy Accounts
Aug 31, 2024 at 10:30 am
Cryptocurrency companies are rushing to link the decentralized finance world with the legacy banking finance ecosystem.
Financial services firm Lightspark has announced the launch of UMA Extend, a feature that aims to enhance the interaction between crypto and legacy rails in the U.S. With UMA Extend, businesses can opt into a directory that is linked to an account, enabling them to instantly receive LN payments that are settled in dollars.
Lightspark Launches UMA Extend for Lightning Network Payments Settled to Legacy Accounts
Several cryptocurrency companies are focusing on bridging the gap between decentralized finance (defi) and the legacy banking finance ecosystem. Among these is Lightspark, a financial services firm that offers Lightning Network (LN)-based products. The company has now announced the launch of UMA Extend, a solution that allows for the settlement of LN payments to bank accounts in the U.S.
Extend leverages Unified Money Addresses (UMA), a protocol that was open-sourced by the firm in October and enables each user to have an email-like address for sending and receiving money. Extend integrates this protocol with “eligible recipients.” While Lightspark did not specify which recipients were eligible, the company did state that it is “compatible with over 99% of U.S. banks that accept real-time payments.”
David Marcus, the founder and CEO of Lightspark, showcased the solution on his X account, demonstrating how each payment is sent and settled in near-real time. This capability could increase the adoption of the always-connected, low-fee LN network by a broader financial audience.
According to Lightspark, the UMA protocol has been adopted in 120 countries and is supported by several companies, including Coins.ph in the Philippines, Ripio in Latam, and others.
The launch of UMA Extend builds on Marcus’ vision for the future of LN. In May, Marcus shared his belief that LN will become the settlement network for world currencies. “Any corporation that needs to move money will end up using, directly or indirectly, LN and bitcoin,” he stated at the time.
Several cryptocurrency exchanges, such as Coinbase, Bitso, and Nubank, utilize Lightspark’s services to offer LN support for deposits and withdrawals.
What are your thoughts on Lightspark UMA Extend? Let us know in the comments section below.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Bhutan Showcases How Developing Nations Could Leverage Bitcoin Mining to Improve Their Economies
- Sep 21, 2024 at 01:15 am
- The East Himalayan Kingdom of Bhutan is showcasing a powerful example of how developing nations could leverage Bitcoin mining to improve their economies
-
- MicroStrategy Acquires 7,420 BTC for $458.2M, Now Holds 252,220 BTC Worth $15.8B
- Sep 21, 2024 at 01:15 am
- Business intelligence firm and corporate bitcoin holder MicroStrategy acquired an additional 7,420 BTC for approximately $458.2 million
-
- Gold Reaches a New Peak of Over $2,614, Outperforming Bitcoin Dramatically
- Sep 21, 2024 at 01:15 am
- Gold's market cap exceeds $17.7 trillion, significantly larger than Bitcoin's $1.22 trillion valuation. Bitcoin has not reached a new all-time high since March 2023, showing weakness.
-
- XRP Price Prediction: Will the SEC Lawsuit Settlement Spark a Bull Run?
- Sep 21, 2024 at 01:15 am
- The closure of the Ripple vs SEC lawsuit that saw the firm ordered to pay $125 million in civil penalty has significantly freed XRP from bearish sentiments.
-
- BitMEX Co-Founder Arthur Hayes Sells 350K PENDLE Tokens at a $790K Loss
- Sep 21, 2024 at 12:25 am
- In a significant trading blunder, BitMEX co-founder Arthur Hayes has sold 350,000 Pendle PENDLE/USD tokens worth approximately $1.26 million
-
- Bitcoin (BTC) Price Predictions: Analyst Michaël van de Poppe Anticipates New All-Time High (ATH) in October
- Sep 21, 2024 at 12:25 am
- Renowned crypto analyst and trader Michaël van de Poppe has shared his insightful analysis of Bitcoin's future. Earlier today, he tweeted and explained that the BTC price is following the plan
-
- Polkadot and AI Companions Falter, While BlockDAG Testnet Launch Drives Presale to $73.5M
- Sep 21, 2024 at 12:25 am
- In recent crypto news, Polkadot and AI Companions have been making waves, though for less favorable reasons. Polkadot has hit a 12-month low, and AI Companions experienced a 13% drop in price. But while these coins face uncertainty, BlockDAG is gaining momentum with its recent Testnet launch.
-
- The Royal Canadian Mint Issues Its Newest Gold Maple Leaf (GML) Bullion Coin Completely Sourced From a Single Mine
- Sep 21, 2024 at 12:25 am
- The Royal Canadian Mint is issuing its newest Gold Maple Leaf (GML) bullion coin completely sourced from a single mine and it will offer Costco Canada
-
- Fantom (FTM), Immutable X (IMX), and Basic Attention Token (BAT) Experience Whale Activity Surges
- Sep 21, 2024 at 12:25 am
- Over the past day, Fantom (FTM), Immutable X (IMX), and Basic Attention Token (BAT) have experienced significant surges in crypto whale activities.