SoFi partners with Lightspark to launch Bitcoin Lightning Network cross-border remittance service

According to HashKey News, SoFi Technologies claims it will launch a global remittance service by partnering with Lightspark, utilizing Bitcoin's Layer-2 Lightning Network. Users will be able to initiate remittances in USD through the SoFi app, and recipients will receive local currency. This service integrates Lightspark's Universal Money Address (UMA), supports real-time cross-border transfers, displays exchange rates and fees, and is expected to go live within this year. The launch of this product marks SoFi's re-entry into the crypto space, as it re-establishes its position in blockchain remittances after pausing related operations in 2023.