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SoFi Partners with Lightspark to Launch Bitcoin Lightning Remittances

SoFi Partners with Lightspark to Launch Bitcoin Lightning Remittances

According to SoFi Technologies, the new service will integrate Lightspark’s Universal Money Address to deliver real-time USD-to-local currency transfers via the Bitcoin Lightning Network, targeting faster and cheaper cross-border payments.

BTC

Fact Check
The statement is directly and consistently confirmed across multiple reputable sources, including Coindesk, Yahoo Finance, and Cointelegraph. All provided evidence corroborates that SoFi is partnering with Lightspark to launch a remittance service using the Bitcoin Lightning Network.
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Summary

In an official announcement, SoFi Technologies confirmed its partnership with Lightspark to launch a global remittance service using the Bitcoin Lightning Network. The integration will employ Lightspark’s Universal Money Address (UMA) to support instant, low-cost cross-border payments. Users will be able to send USD through the SoFi app, with recipients receiving local currency, while the app displays exchange rates and transaction fees. The service, expected to launch later this year, marks SoFi’s re-entry into the crypto market after pausing blockchain-related operations in 2023.

Terms & Concepts
  • Bitcoin Lightning Network: A layer-2 payment protocol built on the Bitcoin blockchain that enables fast and low-cost cryptocurrency transactions.
  • Universal Money Address (UMA): A system developed by Lightspark that allows simplified, interoperable addressing for sending and receiving payments over the Bitcoin Lightning Network.
  • Remittance Service: A financial service that enables sending money across borders, often used to transfer funds to family or individuals in other countries.