SoFi Launches Lightning Network Remittances - Unchained

SoFi Technologies is set to become the first U.S. bank to integrate the Bitcoin Lightning Network and Universal Money Address (UMA) for international money transfers.

The Nasdaq-listed firm partnered with Lightspark to enable real-time, low-cost global payments directly from its app. The service will debut with support for remittances to Mexico, with plans to expand to additional countries over time.

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Lightspark, founded by ex-PayPal and Meta executive David Marcus, specializes in Bitcoin infrastructure and launched UMA to facilitate seamless, global payments using blockchain’s speed and efficiency.

“Digital banks are embracing UMA because it’s fast, cheap, and secure, and it uses the only open payments network that exists, Bitcoin,” said Lightspark CEO David Marcus.