In a world where the mundane meets the miraculous, SoFi Bank has chosen to dance with the digital, embracing Bitcoinās Lightning Network to orchestrate low-cost international money transfers, with Mexico as its first partner in this grand waltz later this year. Who knew sending money could be so electrifying? ā”
- SoFi Bank, in a twist of fate, will harness the power of Bitcoinās Lightning Network to unveil a global remittance service. Because why not? š
- This service, powered by Lightsparkās Universal Money Address, allows users to send dollars abroad with a flick of the wrist and real-time Bitcoin conversion. Talk about magic! š©āØ
In a partnership that was announced on the fateful day of August 19, SoFi Bank will offer near-instant cross-border payments, converting U.S. dollars to Bitcoin faster than you can say āblockchainā and transmitting them via Lightning rails. Itās like sending money through a wormhole! š³ļø
Once the funds arrive, they magically transform into the recipientās local currency and land safely in their bank account. This marks a historic moment, as itās the first time a U.S. bank has integrated blockchain-based remittance capabilities directly into its core banking app. Who needs a crystal ball when you have technology? š®
What does this mean for SoFi Bank users?
For SoFiās 11.7 million members, this new feature is akin to finding a golden ticket in a chocolate bar. They can now send money abroad at a fraction of the cost of traditional remittance channels. All transactions will occur within the SoFi app, eliminating the need for third-party services. Itās like having your cake and eating it too! š
The company confidently predicts that fees will plummet below the national average, with all exchange rates and costs laid bare upfront. Transparency is the name of the game, folks! šµļøāāļø
SoFi CEO Anthony Noto, in a moment of poetic inspiration, declared that this new service aims to make a āmeaningful improvementā for customers who regularly send money abroad. Because who doesnāt want to feel meaningful? š
āBy embedding this directly into SoFiās app, weāre unlocking the value of blockchain technology to give members faster, smarter, and more inclusive access to their money,ā he proclaimed, as if he were unveiling a masterpiece. šØ
SoFi Bank and the Bitcoin Lightning Partner
The technical heart of SoFiās new service beats with Lightsparkās Universal Money Address (UMA), allowing users to send and receive funds using simple, email-like identifiers. Itās like sending a postcard, but with a lot more zeros! š¬š°
When a user initiates a transfer, the system performs a dazzling conversion of U.S. dollars into Bitcoin in real-time, sends the BTC through Lightning channels, and converts it again into the destination countryās currency. Funds land directly in the recipientās bank account without requiring them to hold or manage crypto. Itās like magic, but with less smoke and mirrors! š©āØ
At launch, this feature will be available for transfers to Mexico, with more countries planned in a phased expansion. SoFi assures us that this phased rollout ensures consistency and security from day one. Because who doesnāt love a good plan? š
SoFiās return to the digital asset sector
SoFi is making a grand re-entry into the crypto space, two years after regulatory headwinds forced it to retreat. Itās like a phoenix rising from the ashes, but with more paperwork! š„š
The digital bank didnāt walk away from crypto in 2023 by choice; it was more of a forced vacation due to mounting pressure from regulators. By November, customers were asked to transfer or liquidate their holdings, and services shut down shortly after. Talk about a dramatic exit! š
However, a change in tone from U.S. regulators opened the door to a comeback. In April 2025, CEO Anthony Noto confirmed SoFiās renewed interest in crypto, announcing plans to integrate blockchain solutions across lending, investing, payments, and protection products. Itās like a second chance at love! š
As previously reported by crypto.news, the bank restarted spot cryptocurrency trading on its platform in June. And just like that, SoFi is back in the game, ready to take on the world! š
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2025-08-20 10:18