Digital financial institution SoFi Applied sciences is ready to grow to be the primary US financial institution to leverage the Bitcoin community and Common Cash Handle — permitting People, Mexicans, and others to ship cash by way of the Lightning Community.
SoFi partnered with Bitcoin (BTC) funds infrastructure Lightspark to launch its blockchain-powered worldwide cash switch service, which is able to go stay later this 12 months, beginning in Mexico, SoFi stated in an announcement on Tuesday.
“For a lot of SoFi members who commonly ship cash to family members internationally, the flexibility to rapidly switch cash at low price isn’t only a comfort, it’s a significant enchancment to their on a regular basis monetary lives,” SoFi CEO Anthony Noto stated on X.
In line with Noto, customers will have the ability to ship cash internationally immediately from the SoFi app. It competes in a crowded world remittance market, which was valued at round $740.5 billion in 2024.
SoFi + Lightspark = prompt world funds. 🌍⚡
Ship cash overseas in seconds, proper from the @sofi app, powered by UMA.
Coming quickly for 🇺🇸→ 🇲🇽 with extra international locations to observe.
The way forward for world funds is right here: https://t.co/MxAA5o9k2Z pic.twitter.com/GFVq4KhoxF
— Lightspark (@lightspark) August 19, 2025
SoFi unveils how the Bitcoin UMA answer will work
SoFi’s new, UMA-powered worldwide cash switch service will enable clients to transform US {dollars} into Bitcoin in real-time and route the funds throughout borders through the Bitcoin Lightning community, the place funds are delivered on to the recipient’s checking account of their nation’s foreign money.
Lightspark’s UMA permits customers to switch cash with an email-like deal with whereas leveraging Bitcoin Lightning. The agency was based in 2022 by David Marcus, the previous president of PayPal.
SoFi stated prices can be “beneath the present nationwide common” and that change charges and charges can be proven to members earlier than hitting ship to “guarantee full transparency.”
The service can be obtainable always of the day, every single day, for SoFi’s 11.7 million members.
Coinbase built-in Lightspark’s Bitcoin infrastructure final 12 months
It comes a 12 months after Coinbase rolled out assist for Lightspark’s Bitcoin Lightning answer to allow prompt, low-cost transfers in April 2024.
It noticed sturdy adoption throughout the primary 12 months, with 15% of Bitcoin transactions on Coinbase transferring on Lightning rails through Lightspark, the Bitcoin infrastructure agency stated in April this 12 months.
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Brazilian financial institution gradual to roll out Lightspark’s Bitcoin options
Brazilian neobank Nubank partnered with Lightspark in June 2024 to supply Bitcoin Lightning funds to its 100 million clients in Latin America.
Nonetheless, Nubank hasn’t confirmed that the Bitcoin-powered funds have been built-in for full use but.
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