$SOFI to add blockchain driven international money transfers
JUST IN: Digital bank SoFi to use Bitcoin Lightning Network for remittances. ⚡️ https://t.co/jHJOI8U0b1
JUST IN: $SOFI partners with Lightspark to send international money transfers as Bitcoin. https://t.co/9PuvFPwuZa
SoFi Technologies said Tuesday it will introduce blockchain-enabled international money transfers within its consumer finance app through a partnership with payments start-up Lightspark. The service will use Lightspark’s open-source Universal Money Address protocol and the Bitcoin Lightning Network, converting U.S. dollars to bitcoin before transmitting funds and settling in the recipient’s local currency. SoFi expects the approach to cut fees and speed delivery compared with traditional remittance providers. The initiative broadens SoFi’s push into digital assets beyond crypto trading and comes as the company seeks new revenue streams in its banking and lending franchise. SoFi shares rose about 1.4% in pre-market trading after the announcement.