Bridging Lightning Network Payments with U.S. Bank Accounts

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Lightspark, a financial services firm specializing in Bitcoin’s Lightning Network (LN), has unveiled its latest feature, UMA Extend, aimed at enhancing the integration of cryptocurrency with traditional financial systems in the United States. The UMA Extend feature enables businesses to connect their operations directly to a bank account, facilitating the instant receipt of LN payments that are settled in U.S. dollars.

Expanding Legacy Financial Systems with Lightning Network

Cryptocurrency enterprises are increasingly working towards merging decentralized finance with traditional banking infrastructure. Lightspark, which focuses on delivering products based on the Lightning Network, has taken a significant step in this direction by launching UMA Extend. This new solution allows for the settlement of Lightning Network payments directly into U.S. bank accounts, thereby broadening the potential user base of LN technology.

Unified Money Addresses and Real-Time Settlements

The UMA Extend feature builds upon the Unified Money Addresses (UMA) protocol, which Lightspark introduced as an open-source project in October. This protocol enables users to have unique, email-like addresses for sending and receiving payments. The new feature, Extend, connects this protocol to what Lightspark describes as “eligible recipients.” Although the company did not specify the criteria for eligibility, it assured that the system is compatible with over 99% of U.S. banks that accept real-time payments.

Demonstrating the Capabilities of UMA Extend

David Marcus, the founder and CEO of Lightspark, demonstrated the functionality of UMA Extend on his X account (formerly Twitter). He showcased how payments can be sent and settled almost instantaneously, which could lead to broader adoption of the Lightning Network due to its always-on, low-fee structure. The demonstration highlights the potential for the LN network to become more widely accepted in the financial industry.

Global Adoption and Vision for the Future

Lightspark’s UMA protocol has already gained traction in 120 countries and is supported by notable names such as Coins.ph in the Philippines and Ripio in Latin America. The expansion of UMA through the new Extend feature aligns with Marcus’ broader vision for the future of the Lightning Network. Back in May, Marcus expressed his belief that LN could become the primary settlement network for global currencies. He predicted that any corporation needing to move money would eventually use LN and Bitcoin, either directly or indirectly.

Widespread Use Among Cryptocurrency Exchanges

In addition to the UMA Extend feature, Lightspark’s services are already being utilized by major cryptocurrency exchanges like Coinbase, Bitso, and Nubank. These platforms have integrated Lightspark’s technology to offer LN support for both deposits and withdrawals, further embedding the Lightning Network into the broader financial ecosystem.

🚀 NOW LIVE: Lightspark Extend connects Lightning to eligible US account holders in real-time. With Lightspark Extend, seamlessly send UMA-powered payments to eligible US recipients instantly and at a low cost. Learn more here: https://t.co/B2O0or8e9k pic.twitter.com/F85VraLknl
— Lightspark (@lightspark) August 28, 2024

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