SoFi will roll out a Bitcoin-powered international money transfer service inside its consumer app, becoming—per Lightspark CEO David Marcus—“the first US bank to use Bitcoin and Universal Money Addresses (UMA) to offer 24/7, realtime, cheap global payments.” The integration uses the Bitcoin Lightning Network as the cross-border settlement rail and will debut later this year, with Mexico as the first corridor.
“SoFi is one of the most innovative and forward-thinking financial platforms in the US today,” Lightspark’s Marcus said in the release. “Digital banks are embracing UMA because it’s fast, cheap, and secure, and it uses the only open payments network that exists, Bitcoin.” SoFi CEO Anthony Noto framed the move in terms of everyday utility: “For many SoFi members who regularly send money to loved ones internationally, the ability to quickly transfer money at low cost isn’t just a convenience, it’s a meaningful improvement to their everyday financial lives.”
Whether SoFi is the first US bank to integrate Lightning may depend on definitions and scope. Lightspark’s press release describes SoFi as “one of the first US-banks to offer a blockchain-powered remittances service,” whereas Marcus’ posts characterize it as the first US bank using both Bitcoin and UMA to deliver always-on, inexpensive global payments.
At press time, BTC traded at $113,627.
