![]() Following this, money is transferred using standard Lightning Network procedures.The sender then specifies the amount to send in the receiver’s currency, incorporating all requisite legal and compliance data.The sender’s Virtual Asset Service Provider (VASP) contacts the receiver’s VASP using the recipient’s UMA, gathering essential information like the receiver’s preferred currency and applicable legal regulations. ![]() UMA boasts secure transactions and open payments in any currency, leveraging bitcoin’s global liquidity, for cost-effective solutions, Lightspark said in a statement on Monday.Īccording to UMA’s documentation, the standard’s operation is delineated into four key steps: ![]() Launched last week, UMA is being touted as an extension of LNURL, a standard protocol designed to simplify the process of making payments, according to its GitHub repository. The open-source initiative facilitates real-time settlement while incorporating compliance messaging and foreign exchange capabilities for fiat currencies. Bitcoin Lightning network-based business payments service Lightspark threw its support for the new Universal Money Address (UMA) standard on Monday, positioning it as a game-changer in making global payments as “easy as sending an email.”
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