SoFi Becomes First U.S. Bank on Lightning

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SoFi Becomes First U.S. Bank on Lightning

SoFi Technologies is set to become the first U.S. bank to integrate the Bitcoin Lightning Network and Universal Money Address (UMA), in partnership with Lightspark. The move positions SoFi to compete in the $740 billion global remittance market, offering faster and cheaper cross-border payments.

Launching later this year, starting in Mexico, SoFi’s new service will let members send international transfers directly through the SoFi app. Dollars will convert into Bitcoin in real time, routed via Lightning, and delivered in the recipient’s local currency. SoFi says costs will be “below the national average,” with transparent fees and exchange rates shown before transactions.

CEO Anthony Noto highlighted the impact on members who regularly send money abroad, calling it a “meaningful improvement” to financial lives. Available 24/7 to SoFi’s 11.7 million users, the service leverages Lightspark’s UMA technology, which simplifies transfers with email-style addresses and Bitcoin Lightning rails.

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