Sofi technologies (Sofi) Remittance payments will soon be allowed at the top of the Bitcoin Layer-2 Lightning network through a collaboration with Lightspark, aimed at bringing a real-time international transfer to its members.
San Francisco -based firm will include LightSpark’s Universal Money Address (One)running on the Lightning network of Bitcoin, to facilitate close cross-border payments, Sofi announced on Tuesday.
Lightning is a Layer-2 network designed to help fulfill Bitcoin’s original vision to become global, peer-to-peer digital cash. By creating a network of off-chain payment channels, it prevents slow transaction hours and high fees of the major bitcoin blockchain, instant enabling, high volume of micropayments. This scalability layer can change Bitcoin in a practical medium for sun -day transactions, making it a viable alternative to traditional payment systems.
SOFI’s remittance product, which is expected to be released next year, will allow users to send us dollars through the SOFI app, with recipients receiving local money deposits abroad.
LightSpark Uma provides access to a global payment rail designed for speed and size. Transfers will display upfront exchange rates and fees, responding to prolonged disease points in the traditional remittance service, Sofi said in Tuesday’s announcement.
The launch follows Sofi’s reentry in crypto, after stopping services in 2023 during its transfer to a national bank. Earlier this year, it revealed plans to Offers international remittances by blockchain and stablecoins and allow users to invest in crypto.
