news.bitcoin.com
Sofi (NASDAQ: SOFI) has announced the launch of its international money transfer service, allowing members to send funds abroad directly from the Sofi app with lower fees and faster delivery than traditional remittance providers.
The service will utilize technology from Lightspark, which leverages the Bitcoin Lightning Network and Universal Money Address (UMA) to facilitate seamless transactions across an open global payment network. Sofi aims to be one of the first U.S. banks to offer a blockchain-powered remittance service, enhancing the financial lives of members who regularly send money internationally. The service will initially be available for transfers to Mexico, with plans to expand to additional countries shortly after launch. Sofi’s platform will provide full transparency on exchange rates and fees, ensuring a cost-effective and user-friendly experience for its members.