Bakkt Partners with LightSpark for Universal Money Address Integration
Bakkt, a digital assets platform based in New York, has teamed up with LightSpark to offer Universal Money Address (UMA) for KYC-verified transactions on the Lightning Network. LightSpark, led by CEO David Marcus, has developed a service that enables fast transactions using Bitcoin on the Lightning Network. The company recently introduced the UMA standard, which combines human-readable Lightning Addresses with enhanced messaging and integration with the Lightning Network’s payment rails.
Expanding UMA Solutions
In addition to Bakkt, infrastructure provider Zero Hash plans to extend UMA solutions to its corporate clients. This move aims to help businesses integrate real-time and cost-effective cross-border payment channels into their product offerings. Coins.ph and Xapo Bank will also join LightSpark in offering UMAs to their customers in the near future.
UMA as an Open-Source Standard
LightSpark has made the UMA standard open-source, allowing anyone to use it. CEO David Marcus emphasized that UMA does not require LightSpark services to function, highlighting its accessibility and flexibility.
About LightSpark and David Marcus
LightSpark was launched by David Marcus in May 2022 after his departure from Meta’s cryptocurrency project, Diem. The company received funding from investors such as Andreessen Horowitz and Paradigm. Meanwhile, Meta discontinued its Diem initiative but is now undergoing a revival effort under a new team operating as Aptos.
Hot Take: Revolutionizing Payments with UMA on the Lightning Network
The partnership between Bakkt and LightSpark marks an important step towards revolutionizing payments in the crypto world. By integrating the Universal Money Address (UMA) standard with the Lightning Network, businesses can enjoy seamless and efficient cross-border transactions. The open-source nature of UMA ensures its accessibility to a wide range of users, further promoting its adoption. With more companies like Zero Hash, Coins.ph, and Xapo Bank joining the UMA movement, we can expect to see increased innovation and convenience in the realm of crypto payments.
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