SoFi Technologies is preparing to launch an international money transfer service that will run on the Bitcoin Lightning Network and Universal Money Address (UMA).
According to an announcement released on August 19, the rollout is scheduled for later this year, with Mexico as the first market.
Instead of relying on traditional remittance systems, SoFi will let members send funds straight from its mobile app.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
Harmony ONE Explained (Beginner-Friendly Animation)
Payments will begin in US dollars, switch to Bitcoin
UMA simplifies the process by replacing long crypto addresses with short, email-like identifiers. The system is developed by Lightspark, a payments company founded in 2022 by former PayPal president David Marcus.
In a post on X, SoFi CEO Anthony Noto stated that giving members a faster and more affordable way to send money abroad can improve their daily finances.
The company confirmed that fees will be lower than the national average, with clear exchange rates and charges shown before any payment is made.
Transfers will be available around the clock and open to all 11.7 million SoFi members. This could be particularly useful for people who send money home to family in different time zones or outside normal banking hours.
Recently, Amdax, a digital asset company based in the Netherlands, announced plans to launch AMBTS B.V. What is it? Read the full story.
