SoFi Launches Low-Cost Global Remittances Using Bitcoin Lightning Network

Nasdaq-listed SoFi has partnered with Lightspark to launch a new international remittance service powered by the Bitcoin Lightning Network. The service is going live later this year. It will allow SoFi members to send money abroad directly from the SoFi app, offering faster, cheaper, and more convenient service than traditional providers. Bitcoin in the Backend, Dollars in the Front At the core of SoFi’s new service is Lightspark’s Universal Money Address (UMA). This protocol enables users to send and receive funds using human-readable identifiers, similar to email addresses. When a member sends money internationally, the system converts their U.S. dollars into Bitcoin in real time and transmits it over the Lightning Network . It then converts the funds back into the recipient’s local currency before depositing them into their bank account. The entire process takes just seconds and is invisible to the end user, who sees only their local currency going in and out. This initiative puts SoFi among the first banks in the U.S. to offer blockchain-powered remittances directly within its native app. The company aims to undercut traditional remittance giants with below-average total fees and a transparent cost structure. Users will be able to see exchange rates and fees upfront before confirming a transaction. Initial Rollout Begins with Mexico Notably, SoFi’s international transfers will initially support payments to Mexico, with plans to include additional countries over time. Per the announcement, this phased rollout is to ensure the service remains secure, stable, and scalable as demand grows. The remittance feature will be integrated into SoFi Checking & Savings, offered through SoFi Bank, N.A., and will be available 24/7. Lightspark Brings Lightning to the Masses The partnership marks a major real-world deployment of Lightspark’s Bitcoin Lightning Network infrastructure. CEO David Marcus, a former PayPal and Meta executive, said UMA’s integration with SoFi enables fast, low-cost, and secure global dollar transfers, powered by Bitcoin, which he calls the world’s only open payments network. Cross-border payments account for hundreds of billions in annual volume, yet many legacy providers still charge high fees. Meanwhile, crypto integrations like this are introducing much-needed competition and innovation to the space. SoFi members can sign up for early access to the remittance feature, which will roll out to all Checking & Savings users later in 2025.