SoFi Technologies Partners with Lightspark to Offer Blockchain-Enabled International Money Transfers

SoFi Technologies Inc. (SOFI) shares are trading higher after announcing a partnership with Lightspark to offer blockchain-enabled international money transfers. The service will allow users to send funds abroad from the SoFi app with lower fees and faster delivery. The service is expected to launch later this year and will be available 24/7 directly on the SoFi app.

SoFi Technologies Inc. (SOFI) shares are trading higher following the announcement of a partnership with Lightspark to offer blockchain-enabled international money transfers. The new service, expected to launch later this year, will allow users to send funds abroad from the SoFi app with lower fees and faster delivery. The service will be available 24/7 directly on the SoFi app.

The partnership leverages Lightspark's Universal Money Address (UMA) technology, which utilizes the Bitcoin Lightning Network to facilitate cross-border transactions. The system works by converting U.S. dollars to Bitcoin in real-time, routing funds across borders via the Lightning Network, and then instantly converting them back to local currency for delivery to the recipient’s bank account [1].

Anthony Noto, SoFi CEO, stated, "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" [1].

The service will initially launch in Mexico, with plans to expand to additional countries shortly after the initial rollout. SoFi members can already join a waitlist to gain early access to the feature through SoFi Checking & Savings [1].

The announcement comes as SoFi continues to expand its financial services portfolio and demonstrates its commitment to innovation in the fintech sector. The stock has shown remarkable growth, with revenue increasing by 29% year-over-year [2].

References:
[1] https://www.marketscreener.com/news/sofi-partners-with-lightspark-to-power-blockchain-enabled-international-money-transfers-ce7c51dddb81f320
[2] https://www.investing.com/news/company-news/sofi-to-launch-blockchainpowered-international-money-transfers-93CH-4200184