Global Transfers Getting a Blockchain Boost with SoFi's Upcoming Launch
In a groundbreaking move, SoFi, a leading digital financial platform, is set to roll out an innovative international money transfer service later this year. The new service, which will be integrated directly into SoFi Checking & Savings accounts, is poised to redefine the way users transfer money globally.
Powered by the UMA system and the Bitcoin Lightning Network, SoFi's international money transfer service promises seamless global money transfers, starting with Mexico, with additional countries to be added shortly afterward.
The service operates by converting U.S. dollars into Bitcoin in real-time, routing them across borders using the Bitcoin Lightning Network, and then converting them back into local currency. This approach enables near-instant, low-cost, and transparent global transfers, integrated directly into the SoFi app.
To ensure transparency, exchange rates and fees will be displayed upfront before any transaction is confirmed. Users can access the international money transfer service 24/7 without relying on third-party applications.
The Bitcoin Lightning Network, used by UMA, is regarded as the only open payments infrastructure with global reach. By combining affordability, transparency, and accessibility, SoFi aims to position itself as a leader in modern remittance solutions.
The service is expected to be among the most cost-efficient options available in the U.S. market for international remittances. SoFi members will be able to send funds abroad directly through the SoFi app, with lower fees and faster settlement compared to conventional remittance providers.
Interested users can join a waitlist to gain early access once the feature is rolled out. As the service matures, more countries are expected to be integrated into the platform, making it a truly global solution for SoFi members.
By leveraging Bitcoin’s decentralized payments network for speed, security, and cost efficiency, SoFi's international money transfer service offers an innovative alternative to conventional international money transfer systems. The new service is just one more example of how SoFi continues to push the boundaries of digital finance.
[1] SoFi's International Money Transfer Service to Revolutionize Remittances with Bitcoin [2] SoFi Announces Blockchain-Powered International Money Transfer Service [3] SoFi's UMA-Powered Remittance Solution: A Game Changer for Global Transfers [4] SoFi to Launch Blockchain-Based International Money Transfer Service in 2025 [5] How SoFi's International Money Transfer Service Works: A Comprehensive Guide
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