Bakkt collaborates with Lightspark over UMA support

Bakkt announced that it is supporting a new open standard for money transmission: Universal Money Addresses or “UMAs.” Bakkt has collaborated with Lightspark to be one of its initial partners, and is announcing the alpha launch of its UMA-capable Lightning service. This new service can be leveraged for cross-border remittances, B2B settlement, instantaneous deposits and withdrawals for trading, or global, interoperable P2P. “By leveraging our institutional-grade custody platform, best execution liquidity, fiat onramps, money transmission licensing, compliance infrastructure, and now Lightning service, we believe Bakkt is uniquely positioned to serve as the secure and reliable platform powering payments, remittances, P2P transfers, and on and off-ramps in the United States,” the company said. “We are excited to enable this for our clients as together we tear down silos of value in the same way the Internet tore down silos of information.”