Digital financial institution SoFi Applied sciences is ready to turn out to be the primary US financial institution to leverage the Bitcoin community and Common Cash Tackle — permitting People, Mexicans, and others to ship cash by means of the Lightning Community.
SoFi partnered with Bitcoin (BTC) funds infrastructure Lightspark to launch its blockchain-powered worldwide cash switch service, which can go stay later this 12 months, beginning in Mexico, SoFi mentioned in an announcement on Tuesday.
“For a lot of SoFi members who commonly ship cash to family members internationally, the power to rapidly switch cash at low value isn’t only a comfort, it’s a significant enchancment to their on a regular basis monetary lives,” SoFi CEO Anthony Noto mentioned on X.
In line with Noto, customers will have the ability to ship cash internationally straight from the SoFi app. It competes in a crowded international remittance market, which was valued at round $740.5 billion in 2024.
SoFi + Lightspark = instantaneous international funds. 🌍⚡
Ship cash overseas in seconds, proper from the @sofi app, powered by UMA.
Coming quickly for 🇺🇸→ 🇲🇽 with extra nations to comply with.
The way forward for international 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 by way of 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 tackle whereas leveraging Bitcoin Lightning. The agency was based in 2022 by David Marcus, the previous president of PayPal.
SoFi mentioned prices shall be “beneath the present nationwide common” and that change charges and charges shall be proven to members earlier than hitting ship to “guarantee full transparency.”
The service shall be out there always of the day, day-after-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 instantaneous, 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 by way of Lightspark, the Bitcoin infrastructure agency mentioned in April this 12 months.
Associated: Thailand to launch crypto cost sandbox for vacationers
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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