en.coinotag.com
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Low-cost, instant remittances via Bitcoin Lightning
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SoFi will convert USD to $BTC in real time and route payments via $UMA to recipient bank accounts.
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Market context: the global remittance market was valued at about $740.5 billion in 2024.
SoFi Bitcoin remittance: Send instant, low-cost cross-border payments via Lightning. Try it in the SoFi app—learn more inside.
What is SoFi’s Bitcoin remittance service and how does it work?
SoFi’s Bitcoin remittance service converts US dollars to Bitcoin in real time and routes funds across borders via the Bitcoin Lightning Network using Lightspark’s Universal Money Address ($UMA). Recipients receive local-currency deposits directly to their bank accounts, with fees and exchange rates shown before sending.
How will SoFi use Lightspark’s $UMA to enable instant transfers?
Lightspark’s $UMA functions like an email-style address that maps to a Lightning-capable payment path. SoFi will integrate $UMA into its app to route payments over Lightning rails, reducing settlement time to seconds and lowering costs compared with legacy remittance rails.
Digital bank SoFi Technologies is set to become the first US bank to leverage the Bitcoin network and Universal Money Address — allowing Americans, Mexicans, and others to send money through the Lightning Network.
SoFi partnered with Bitcoin ($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 in a statement made public by SoFi.