according to materials from the site - By Cryptos Newss
SoFi Technologies will become the first American bank to integrate the Lightning Network and Universal Money Address (UMA) Bitcoin, allowing for faster and cheaper cross-border payments. This move is the result of a strategic partnership with Bitcoin infrastructure provider Lightspark, announced on Tuesday. The digital bank aims to compete in the global remittance industry, which is projected to exceed $740 billion by 2026, offering blockchain-based money transfers that will start operations in Mexico by the end of this year.
According to SoFi CEO Anthony Noto, users will soon be able to send money abroad directly from the SoFi mobile app. For millions of users who regularly send remittances to loved ones abroad, this integration promises a significant increase in speed and accessibility.
The new service allows customers to convert US dollars to bitcoins in real-time, transferring funds through the Bitcoin Lightning Network. Once processed, the money goes directly to the recipient's bank account in local currency. UMA ensures the operation of the system.
At the core of the service is UMA (Universal Money Address) from Lightspark, which allows payments using simple addresses similar to email addresses. Lightspark, founded in 2022 by David Marcus, former president of PayPal, aims to simplify the adoption of Bitcoin Lightning for financial institutions.
SoFi confirmed that the cost of money transfers will be below the national average, and exchange rates and fees will be disclosed in advance for transparency. The service will operate 24/7 for 11.7 million SoFi users.
This development aligns with the growing trend of Bitcoin Lightning adoption by major financial players. In April 2024, Coinbase integrated Lightspark's infrastructure, which quickly gained momentum: within the first year, 15% of Bitcoin transactions were conducted over Lightning rails. In Latin America, Nubank, a Brazilian digital banking giant with over 100 million customers, also announced a partnership with Lightspark in June 2025. However, the bank has yet to confirm the launch of its Bitcoin-based payments.
Given SoFi's leadership among American banks, analysts suggest that Lightning and UMA could transform the global remittance industry, making money transfers faster, cheaper, and more transparent.
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