SoFi Launches Blockchain-Powered International Payments Service with Lightspark
SoFi and Lightspark have launched a blockchain-powered international payments service within the SoFi app. Key features include:
- Real-time conversion of U.S. dollars to Bitcoin
- Transfer via the Lightning Network using Universal Money Address (UMA) technology
- Instant conversion back to local currency for recipients
- Initial availability in Mexico, with global expansion planned
This service marks SoFi's re-entry into crypto after previously halting trading to secure its banking license. The company plans to resume trading for Bitcoin and Ethereum, along with offering products such as stablecoins, staking, and crypto-backed loans.
Lightspark’s UMA system enhances money transfers by making them faster, cheaper, and more secure, facilitating instant cross-border payments across different providers.