SoFi Technologies will leverage the Bitcoin network under a partnership with Lightspark to better compete in the $740 billion global remittance market.
Digital bank SoFi Technologies is set to become the first US bank to leverage the Bitcoin network and Universal Money Address — allowing Americans, Mexicans, and others to send money through the Lightning Network.
SoFi partnered with Bitcoin (BTC) payments infrastructure Lightspark to launch its blockchain-powered international money transfer service, which will go live later this year, starting in Mexico, SoFi said in an announcement on Tuesday.
“For many SoFi members who regularly send money to loved ones internationally, the ability to quickly transfer money at low cost isn’t just a convenience, it’s a meaningful improvement to their everyday financial lives,” SoFi CEO Anthony Noto said on X.
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