SoFi Technologies (NASDAQ: SOFI) announced it will introduce a blockchain-powered international money transfer service later this year, making it one of the first US banks to leverage the Bitcoin Lightning Network for cross-border remittances.
According to the announcement, the service is powered by Lightspark’s Universal Money Address (UMA) technology, which uses Bitcoin infrastructure to enable instant, low-cost transfers directly from the SoFi app. Members will be able to send funds to international destinations, starting with Mexico, at fees below the current US national average. Additional destination countries are set to join shortly after the initial roll-out.
We’ve partnered with @lightspark to launch our new international money transfer service! With this partnership, SoFi will be one of the first U.S. banks to offer a blockchain-powered global remittance capability, making it faster, cheaper, and more transparent for our members to…
— SoFi (@SoFi) August
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