SoFi Technologies announced the launch of an international money transfer system using the Bitcoin network and Universal Money Address technology in partnership with Lightspark.
SoFi and Lightspark Partnership
SoFi has partnered with Lightspark to launch a new money transfer system that will enable users from the US and Mexico to send money via the Lightning network. CEO Anthony Noto stated that such transfers will not only simplify the process but also greatly enhance the financial lives of users.
How SoFi's New Transfer System Works
The new transfer service from SoFi will allow customers to convert US dollars to Bitcoin in real-time and route funds to recipients' accounts in their national currency using the Bitcoin Lightning network. Lightspark offers the ability to use an email-like address, simplifying the process.
History of Bitcoin Integration in Banks
The recent success of Lightspark includes integration with Coinbase, which launched support for this company's solutions in April 2024, allowing instant low-cost transfers. Additionally, Brazilian neobank Nubank is also planning to offer Bitcoin solutions to its customers, although full implementation has not yet been confirmed.
SoFi's transfer system powered by Bitcoin represents a significant advancement in the area of international money transfers, aimed at increasing convenience and transparency for users.
