2 hours ago
SoFi Technologies (SOFI) volition soon let remittance payments connected apical of the Bitcoin layer-2 Lightning Network done a concern with Lightspark, aiming to bring real-time planetary wealth transfers to its members.
The San Francisco-based fintech steadfast volition integrate Lightspark’s Universal Money Address (UMA), which runs connected Bitcoin’s Lightning Network, to facilitate near-instant cross-border payments, SoFi announced connected Tuesday.
Lightning is simply a layer-2 web designed to assistance fulfill Bitcoin's archetypal imaginativeness of becoming global, peer-to-peer integer cash. By creating a web of off-chain outgo channels, it circumvents the dilatory transaction times and precocious fees of the main Bitcoin blockchain, enabling instant, high-volume micropayments. This scalability furniture could alteration Bitcoin into a applicable mean for mundane transactions, making it a viable alternate to accepted outgo systems.
SoFi's remittance product, which is expected to rotation retired aboriginal this year, volition let users to nonstop U.S. dollars done the SoFi app, with recipients receiving section currency deposits abroad.
Lightspark’s UMA provides entree to a planetary outgo obstruction designed for velocity and scale. Transfers volition show upfront speech rates and fees, addressing longstanding symptom points successful accepted remittance services, SoFi said successful Tuesday's announcement.
The motorboat follows SoFi’s reentry into crypto, aft halting services successful 2023 during its modulation to a nationalist bank. Earlier this year, it revealed plans to offer planetary remittances done blockchain and stablecoins and let users to put successful crypto.
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