SoFi announced a partnership with Lightspark to power its upcoming international money transfer service, which will launch later in 2025. This service will enable members to send funds abroad directly from the SoFi app with lower fees and faster delivery compared to traditional remittance service providers. SoFi will be one of the first U.S. banks to offer a blockchain-powered remittances service.
Lightspark will enable the technology via Universal Money Address (UMA), using the Bitcoin Lightning Network to send and receive money seamlessly. The process involves converting U.S. dollars to Bitcoin in real-time, routing funds across borders, and then instantly converting them back into local currency for direct deposit into the recipient’s bank account.
At launch, the service will first be available in Mexico, with more countries to be added shortly after. This phased approach ensures speed, security, and consistency for members from day one, further solidifying SoFi's position in the evolving digital finance landscape.
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