SoFi has announced the integration of Bitcoin Lightning Network into its mobile banking app, becoming the first U.S. bank to use this technology for international money transfers.
SoFi and Lightspark Partnership
SoFi has partnered with Lightspark, a company created by former PayPal president David Marcus, to introduce blockchain-powered payments into its banking app.
Details of the New Service
The new service will allow SoFi customers to send money abroad faster and cheaper. Initially, it will be available in Mexico and is planned to expand to other regions with frequent cross-border transactions. Transfers will involve converting dollars to Bitcoin at the market rate, which is then routed through the Lightning Network.
Impact on the U.S. Financial Sector
SoFi's CEO, Anthony Noto, stated that the ability to process transfers quickly and transparently will change the financial lives of many customers. Analysts believe this move could pressure other American banks to integrate Bitcoin and blockchain into their services.
Thus, SoFi's adoption of Bitcoin Lightning Network marks a significant step toward modernizing international money transfers, potentially influencing the entire banking sector in the U.S.
