Bakkt, a New York-based digital assets platform, has partnered with LightSpark to offer Universal Money Address (UMA) for KYC-verified transactions on the Lightning Network for B2B clients. LightSpark, led by CEO David Marcus, has launched a service that allows fast transactions using Bitcoin on the Lightning Network.
LightSpark recently introduced the Universal Money Address (UMA) standard, which combines human-readable Lightning Addresses with enhanced messaging and integration with the Lightning Network’s payment rails. This standard enables sending money as easily as sending an email and is open-source for anyone to use.
Bakkt is thrilled to be one of the first partners of LightSpark in offering UMA for KYC-verified transactions on the Lightning Network for B2B clients. This move aims to provide seamless integration of real-time, cost-effective, cross-border payment channels into their product offering. Other companies, including infrastructure provider Zero Hash, Coins.ph, and Xapo Bank, also plan to offer UMAs to their customers soon.
David Marcus, the former head of Meta’s failed Diem project, shared his excitement about the development. He stated, “Money needs to move like email, so we’ve extended Lightning and LNURL to support compliance and FX. Users will be able to send/receive fiat & crypto via their UMA-enabled exchange, wallet, or bank.” Marcus emphasized that UMA does not require LightSpark services to function.
LightSpark was founded by Marcus in May 2022, following his departure from Meta’s cryptocurrency attempt with Diem. The company received its first round of funding from investors like Andreessen Horowitz (a16z), Paradigm, Ribbit Capital, Thrive Capital, Zeev Ventures, and Felix Capital.
On the other hand, Meta disbanded the Diem initiative, although the project is now undergoing a revival effort led by a new team operating under the name Aptos.
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