Sofi technologies (Sofi) Soon Allow transfer payments on top of the Bitcoin Layer-2 Lightning Network through a Light Partnership aimed at bringing Real-time international money transfers to its members.
The San Francisco-based fintech company will integrate lightspark’s universal money address (Uma)Running on Bitcoin’s Lightning Network, to facilitate almost instant cross -border payments, Sofi announced on Tuesday.
Lightning is a LAG-2 network designed to help meet Bitcoin’s original vision of becoming global, peer-to-peer digital cash. By creating a network of off-chain payment channels, it bypasses the slow transaction times and high fees for the most important Bitcoin blockchain, enabling immediate high-volume micropayments. This scalability layer could transform Bitcoin into a practical medium into daily transactions, making it a viable alternative to traditional payment systems.
Sofi’s transfer product, which is expected to roll out later in the year, allows users to send us dollars through the Sofi app, where recipients who receive local currency deposits abroad.
Lightsparks UMA gives access to a global payment rail designed for speed and scale. Transfers show pre -exchange courses and fees that address many years of pain points in traditional transfer services, Sofi said in Tuesday’s announcement.
The launch follows Sofi’s re -entry into crypto after stopping services in 2023 during its transition to a national bank. Earlier this year, it revealed plans to offer international transfers through blockchain and stablecoins and allow users to invest in crypto.
