TL;DR
- Lightspark launched updates at its first Partner Summit in Los Angeles, including UMA Auth, UMA Request, and Lightspark Extend, as well as the new solution Spark.
- UMA is an open-source messaging standard that facilitates real-time transactions with various forms of value.
- Extend will allow instant payments from bank accounts in the United States and Mexico, and Spark will offer an L2 solution for Bitcoin, optimizing the use of stablecoins and wallets.
Lightspark has presented significant updates during its first Partner Summit held in Los Angeles. During the event, the company announced the launch of two new capabilities for Universal Money Address (UMA): UMA Auth and UMA Request. Additionally, it introduced Lightspark Extend, an update that improves transactions, and a new system called Spark, designed to optimize the use of stablecoins and self-custodial wallets on the Bitcoin network.
UMA is defined as an open-source messaging standard based on LNURL, which enables real-time transactions using various forms of value, including fiat currencies and stablecoins. With these innovations, Lightspark expects its partners to access UMA and serve nearly 300 million customers in 140 countries by the end of 2024.
UMA Auth functions as a protocol similar to OAuth but applied to the financial realm. It allows companies to easily integrate payments into their applications, facilitating the connection between platforms and UMA wallets. Users can manage their payment authorizations, specifying spending limits and allowing actions on their wallets securely. This functionality has applications in various areas, including making payments to content creators and automating subscriptions.
LightSpark: Instant Cross-Border Payments with Multiple Assets
On the other hand, UMA Request provides an invoicing system that allows companies to request payments quickly through the generation of unique invoices that can be paid multiple times. This solution not only simplifies the collection process for merchants and service providers but also ensures proof of payment, which adds clarity to transactions.
The Lightspark Extend update enables instant payments from bank accounts to users through local currency transfers. This functionality will be implemented in the United States and Mexico by the end of the year, with plans for expansion to Brazil. It aims to reduce costs and transaction times, making the movement of funds more efficient for businesses and users.
Finally, the company has introduced Spark, a Layer 2 solution for Bitcoin that facilitates the use of stablecoins and self-custodial wallets. Spark focuses on enabling real-time payments at minimal costs, offering an open and scalable payment network. Lightspark aims to strengthen its proposition in the payments ecosystem, addressing regulatory and operational needs of financial services