SoFi to become the first US bank to support Bitcoin Lightning and UMA
The new service will allow bank customers to send money abroad via blockchain
20.08.2025 - 08:25
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Key points:
- Transfers will be available to 11,7 million SoFi customers.
- The service is expected to launch in Mexico as early as 2025.
- Fees and exchange rates are promised to be lower than the market average.
Key points:
SoFi Technologies has announced a partnership with Lightspark and will become the first US bank to implement Bitcoin Lightning and Universal Money Address (UMA). The solution will enable the conversion of US dollars into bitcoins in real-time and their transmission abroad, where the funds will be credited to the recipient’s bank account in the local currency.
How UMA works in SoFi transfers
Lightspark’s UMA platform, founded in 2022 by former PayPal president David Marcus, uses email-like addresses for instant transfers. In conjunction with the Bitcoin Lightning network, this ensures low fees and transparent exchange rates.
SoFi CEO Anthony Noto noted:
For many SoFi members, sending money to family abroad isn’t optional — it’s essential. That’s why we partnered with Lightspark to power our soon-to-launch blockchain-enabled international money transfer service directly from the SoFi app.
Money transfer market size
In 2024, the international money transfer market reached $740,5 billion. According to the World Bank, Mexican workers alone transferred more than $63 billion home.
SoFi expects to compete with traditional services such as Western Union and MoneyGram, as well as new players such as Wise and Revolut.
The service will be available to 11,7 million bank customers. Mexico will be the first destination, with the service later expanding to other countries.
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