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.