Sofi integrates Bitcoin Lightning and Uma for fast, cheap international transfers, starting with Mexico. A daring movement in Fintech.
Sofi Technologies made a big one announcement That has caught the attention of many. The digital bank will be the first American bank to use the Bitcoin network and the universal money address or Uma. With the new service, people in the United States, Mexico and other regions can send money using the Bitcoin Lightning network.
Sofi works together with Lightspark to launch blockchain transfer
Sofi works together with Lightspark, a Bitcoin -pay -oriented company. The two also introduce a new blockchain-based platform for money transfer. This service will be launched with Mexico later this year as the first destination. The cooperation shows the way in which more conservative banks start to use new technology to improve their products. Anthony Noto, the CEO of Sofi, said That this is an important step in the right direction.
Noto said that fast and cheap transfers are important for the sofi members. A large number of them transfer money to family members or friends abroad. According to him, the addition of this function to the Sofi application makes Blockchain technology easy to use. This would help members transfer funds in a faster and smarter way. It is intended to ensure that the financial services are accessible to all persons who use the app.
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The CEO and co-founder of Lightspark David Marcus praised Sofi about his innovative strategy. He added that Uma is quickly, cheap and safe, so digital banks such as Sofi prefer to choose it. The open network that Uma trusts on Bitcoin is different from other payment systems. Marcus also referred to an increasing number of people on the waiting list of the service. This shows that the individuals are enthusiastic about this new method of money management.
New Sofi service converts USD to Bitcoin for cross-border transfers
The new money transfer service starts with low costs later this year. Sofi will charge one of the lowest rates to transfer international money and beat the national average. The exchange rates and the reimbursements are revealed to members before they send money. The service is available 24/7 and is found in the Sofi app. This means that it is not necessary to buy other applications, but it is easy.
Sofi will convert American dollars to Bitcoin Within a short time. The funds will go beyond the borders due to the lightning network. Then it will be converted into the local currency and immediately deposited into the bank account of the recipient. The approach makes the transfers quickly and safe. The experience will be flexible and trusted in the network of partner banks and platforms that Lightspark has.
The service will initially be available in Mexico, and later more countries will be brought on board later. This step -by -step plan is focused on speed, security and reliability in the early stage. Other countries will follow as the service expands. However, it is a hybrid of traditional banking and new crypto technology. The ambitious movement of Sofi can let other banks try something similar. This can determine the future of international finances in new and interesting ways.
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