SoFi Technologies has integrated Bitcoin Lightning Network and Universal Money Address, becoming the first U.S. bank to leverage this technology.
Integration of Bitcoin Lightning Network
SoFi Technologies, in partnership with Lightspark, has implemented Bitcoin Lightning Network to streamline international transfers. This move significantly speeds up and reduces the cost of sending money abroad.
Importance for Crypto and Traditional Banking
This collaboration indicates a growing acceptance of Bitcoin infrastructure in mainstream finance. The Lightning Network technology allows SoFi to process transactions almost instantly and with lower fees than traditional methods like SWIFT.
Potential for Other Banks
SoFi's move could inspire other U.S. banks to explore Bitcoin usage. The integration of Lightning Network could soon become standard for modern financial institutions, demonstrating that crypto innovations can coexist with regulatory compliance.
SoFi's integration of Bitcoin Lightning and Universal Money Address may set a new standard for banks in the U.S., opening new opportunities for international financial transactions.
