Financial technology company SoFi has announced a groundbreaking partnership with Lightspark to launch a new blockchain-powered international money transfer service.
The move makes SoFi the first US bank to integrate the Bitcoin Lightning Network and a technology called Universal Money Address (UMA) directly into its consumer app.
The service, set to launch later this year, aims to shake up the traditional remittance market by offering lower fees and faster delivery times than traditional services.
How it works?
When a SoFi member sends money, the USD are instantly converted into Bitcoin and sent across borders via the Lightning Network, where they are then converted back into the local currency of the recipient’s bank account. UMA simplifies the process by replacing complex account and routing numbers with a simple email-like address.
The rollout will begin in Mexico before expanding to other regions, as reported by Mitrade.
The move makes SoFi the first U.S. bank to integrate the Bitcoin Lightning Network and a technology called Universal Money Address (UMA) directly into its consumer app.
Source: https://coinidol.com/sofi-integrate-bitcoin-lightning/