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SoFi To Become First US Bank To Integrate Bitcoin Lightning

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No Indications of Sell-Off in $8.6B Bitcoin Whale Transfer
No Indications of Sell-Off in $8.6B Bitcoin Whale Transfer

Digital bank SoFi Technologies is set to become the first US bank to leverage the Bitcoin network and Universal Money Address — allowing Americans, Mexicans, and others to send money through the Lightning Network. 

SoFi partners with BitcoinBTCLightspark will be launching its Blockchain-powered International Money Transfer Service later this month, beginning in Mexico. said On Tuesday, the announcement was made.

“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,” SoFi CEO Anthony Noto said X. 

Noto says that users can send money overseas directly through the SoFi application. It is a competitor in the crowded global money transfer market. This was worth around $740.5 The 2024 forecast is that billions of dollars will be spent.

SoFi shows how Bitcoin UMA will be implemented

SoFi’s new UMA-powered service for international money transfers will enable customers to convert currencies. US dollars into Bitcoin Real-time funds transfer across border via the Bitcoin Lightning network, Where funds are transferred directly into the bank account of the beneficiary in their own currency.

Lightspark UMA allows you to use Bitcoin Lightning and a similar email address for money transfers. The firm was formed in 2022. David Marcus, Former PayPal president, Mr.

SoFi claimed costs will be “below the current national average” Before sending money, members will see exchange rates and charges. “ensure full transparency.” 

SoFi’s 11,7 million members can access the service 24/7.

Source: David Marcus

Coinbase integrated Lightspark’s Bitcoin infrastructure in last year

Coinbase was shut down a year ago. rolled out support Lightspark Bitcoin Lightning Solution to allow instantaneous, low-cost transfer in April 2024.

Lightning rails were adopted by Coinbase in its first year. Lightspark is the Bitcoin infrastructure company that handled 15% of all Bitcoin transactions. said In April of this year,

Related: Thailand to launch crypto payment sandbox for tourists

Brazilian Bank slow in rolling out Lightspark Bitcoin solutions

Brazilian neobank Nubank partnered with Lightspark By June 2024, the company will be offering Bitcoin Lightning to 100 million Latin American customers.

The full integration of Bitcoin payment is still not confirmed by Nubank.

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