Sofi Bank will take advantage of Bitcoin LightWork for global remittances

By Canuto

Sofi is now the first American bank to offer remittances with Bitcoin. He announced a strategic association with LighttsPark to take advantage of technology for global money transfers.

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• Sofi becomes the first American bank to offer remittances with Bitcoin.
• He announced a strategic association with LighttsPark to take advantage of its technology in global transfers.
• Bitcoin use will help eliminate intermediaries and significantly reduce transaction costs.
• The service will come first to Mexico before expanding to more countries.

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The American bank Sofi Technologies is betting to transform the panorama of global remittances through a new service that will take advantage of Lightning Network of Bitcoin To send money abroad quickly, economically and safely.

In collaboration with LighttsParkthe company specialized in payment infrastructure Blockchain behind Lightning Network, Sofi It will allow its more than 11.7 million users to make international transfers directly from its mobile application, with a launch scheduled by the end of this year, the company announced in a statement.

This service, which will initially be available for shipments to Mexico before expanding to more countries, will turn balances into US dollars into Bitcoin to process transactions through the network of Lightninga solution that speeds up payments by avoiding bottlenecks of the main chain of Bitcoin.

Sofi Adopt Lightning Network for remittances

Once the transfer is completed, the funds automatically convert the local currency of the recipient and will be deposited in their bank account, all in seconds. This approach will help eliminate intermediaries and significantly reduce costs, which Sofi promises will be lower than the national average of 6.49%, according to World Bank data.

Transparency is another priority: users will see change rates and commissions before confirming each transaction, eliminating common surprises in traditional services.

“For many of our members who regularly send money to their loved ones abroad, The ability to transfer money quickly and low cost is not just a convenience, it is a significant improvement in your daily financial life“said Anthony Noto, CEO of Sofi.

The service, which will operate 24 hours a day, will be initially available for users who enroll in a waiting list, with a first scheduled deployment focused on Mexico. Sofi Plan to add more destinations in the coming months, ensuring that the infrastructure is robust before climbing globally.

A jump to the future of global payments

The alliance with LighttsPark will also introduce universal technology Money Address (UMA), which takes advantage of Lightning Network to offer a global, open and efficient payment system.

“Sofi is one of the most innovative and visionary financial platforms in the United States today”, Said David Marcus, CEO of LighttsPark. “Digital banks are adopting UMA for their speed, low cost and safety, using the only open payment network that exists: Bitcoin”

This movement marks a milestone to Sofithat takes up his foray into the world of cryptocurrencies after pausing these services in 2023, when he obtained his license as a National Bank. The company also plans reintroduce investment options in cryptocurrencies such as Bitcoin and Ethereumconsolidating as a key actor at the intersection between traditional finances and Blockchain.

At the financial avant -garde with blockchain

Sofifounded in 2011, has evolved from being a lender specialized in refinancing of student loans to a comprehensive platform that offers banking, investment, insurance and financial planning.

Its technology Galileo It also promotes solutions for other Fintechs, managing 160 million global accounts. When adopting Blockchain and digital assets for remittances, Sofi “That operates like.” a national banking institution regulated in the United States– It is positioned as a leader in the adoption of emerging technologies, challenging traditional giants of the financial sector.

LighttsParkfor its part, it is promoting a revolution in global payments when building tools that take advantage of the solution Lightning of Bitcoinpromoting an open and accessible payment system.

This collaboration could sit a precedent for other digital banks to adopt similar solutions, transforming the global remittance market, which moves more than 700 billion dollars annually, according to World Bank estimates.

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Article written with the help of AI, edited by Diariobitcoin

Image generated with AI tool, under free use license

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