Sofi is the first bank in the US to use Bitcoin Lightning to send money to Mexico!

Jakarta, Pintu News – US-based digital bank SoFi Technologies will be the first bank in the country to integrate the Bitcoin Lightning network and Universal Money Address (UMA). The service will enable fast, cheap, and real-time cross-border remittances, starting from the US to Mexico.

SoFi CEO Anthony Noto said that this innovation is a form of improving financial services for its more than 11.7 million members. “The ability to send money quickly and cheaply is not just a convenience, but a necessity,” he said on the X platform (formerly Twitter), as quoted by Cointelegraph.

How does this technology work?

By teaming up with Lightspark, SoFi delivers a blockchain-based service that enables real-time conversion of US dollars to Bitcoin (BTC). The money is then sent through the Bitcoin Lightning network and converted back to the recipient’s local currency in their bank account.

Lightspark’s Universal Money Address (UMA) also allows users to send funds with just an email-like address, speeding up the transaction process without the complexity of a traditional crypto wallet address. This technology is designed to provide a transparent and efficient user experience.

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Challenging the Rp12,066 Trillion Global Remittance Industry

This new service from SoFi was launched to compete in the global remittance market, which according to a Cointelegraph report will reach USD 740.5 billion (around IDR 12,066 trillion) by 2024. This market has been dominated by traditional players such as Western Union and MoneyGram.

SoFi targets service fees “below the national average,” and will transparently display exchange rates and fees before users send money. This is an advantage over conventional services that often have hidden fees and slow processes.

Lightspark: New Players, Big Impact

Lightspark was founded in 2022 by David Marcus, former president of PayPal, and has since become an important player in the Bitcoin Lightning infrastructure. Their technology has also been adopted by Coinbase in April 2024 to speed up BTC transactions.

According to data from Lightspark, in the year since the integration with Coinbase, approximately 15% of Bitcoin transactions on the platform have used the Lightning network. This shows significant demand for faster and cost-effective crypto payment solutions.

So, what is the impact on the crypto industry?

The integration of Bitcoin Lightning by major banks like SoFi marks a major step towards institutional adoption and real-world use of crypto. Rather than just a speculative asset, crypto is now starting to function as a real solution to global financial problems.

In addition to improving transaction speed and efficiency, SoFi’s move also opens up expansion opportunities for other platforms looking to compete in the remittance sector. This could be a positive catalyst for the growth of the Bitcoin ecosystem and other cryptocurrencies such as Ethereum (ETH) and Solana (SOL).

The Future of Money Transfer: Cheap, Fast, and Blockchain-based?

Although still in its infancy, SoFi’s move demonstrates the huge potential of Bitcoin Lightning and UMA technology to change the international financial landscape. With adoption by banks and large corporations, sending money across countries could become as easy as sending an email.

For communities that have been burdened by high remittance costs, especially migrant workers, innovations like this can have a significant social and economic impact. The future of money transfer may be more decentralized, faster, and user-friendly-thanks to cryptocurrencies.

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Reference:

• Brayden Lindrea / Cointelegraph. SoFi to become first US bank to integrate Bitcoin Lightning, UMA. Accessed August 20, 2025.