SoFi Partners with Lightspark to Enable Bitcoin-Based International Remittances
SoFi Technologies (SOFI) will enable remittance payments using the Bitcoin layer-2 Lightning Network through a partnership with Lightspark. Key details include:
- The integration of Lightspark’s Universal Money Address (UMA) for real-time international money transfers.
- The remittance product will allow users to send U.S. dollars via the SoFi app, with recipients receiving local currency deposits abroad.
- Lightning Network enhances transaction speed and reduces costs by creating off-chain payment channels.
- Transfers will provide upfront exchange rates and fees, improving traditional remittance services.
- This launch comes after SoFi's return to crypto services following a pause in 2023 during its transition to a national bank.
The remittance service is expected to roll out later this year.