SoFi to Launch Blockchain-Powered International Money Transfer Service This Year
SoFi Technologies (NASDAQ: SOFI) will launch a blockchain-powered international money transfer service later this year, utilizing the Bitcoin Lightning Network. This positions SoFi as one of the first U.S. banks to offer such services for cross-border remittances.
The service employs Lightspark's Universal Money Address (UMA) technology, allowing users to send funds to international locations, starting with Mexico, at fees lower than the current U.S. national average. Additional countries will be added post-launch.
Key Features of SoFi Transfers
- Real-time conversion from USD to Bitcoin and back to local currency.
- Transparent fee structure displayed upfront.
- Available 24/7 within the SoFi app without third-party involvement.
SoFi's CEO, Anthony Noto, emphasized the importance of efficient international remittances for users. Lightspark's CEO, David Marcus, highlighted the role of open networks like Bitcoin in facilitating secure global transfers.
Following a two-year regulatory pause, SoFi restarted its crypto services in June 2025. However, on August 19, 2025, its stock dropped over 6%, reaching a new 52-week low of $22.80 amid broader market downturns influenced by geopolitical factors.