Sofi Technologies (Sofi) Soon it will allow remittance payments at the top of the Lightning Bitcoin Layer-2 network through an association with LighttsPark, with the aim of bringing international money transfers in real time to its members.
The Fintech headquarters with San Francisco will integrate the Universal Money Directorate of Lightspark (UMA)that is executed in the Bitcoin Lightning Network, to facilitate almost instantaneous cross -border payments, Sofi announced on Tuesday.
Lightning is a layer 2 designed to help fulfill Bitcoin’s original vision of becoming global digital pairs. When creating a network of payment channels outside the chain, eludes slow transaction times and high rates of the main bitcoin block chain, allowing high -volume snapshot micropagos. This scale of scalability could transform bitcoin into a practical environment for daily transactions, so it is a viable alternative to traditional payment systems.
The Sofi remittance product, which is expected to unfold at the end of this year, will allow users to send US dollars through the Sofi application, with the recipients who receive deposits from local foreign exchange abroad.
LighttsPark UMA provides access to a global payment rail designed for speed and scale. Transfers will show exchange rates and rates in advance, addressing the weak long data points in traditional remittance services, Sofi said in Tuesday’s announcement.
The launch follows the re -entry of Sofi in Crypto, after stopping the services in 2023 during its transition to a national bank. Earlier this year, he revealed plans to offer international remittances through Blockchain and Stablecoins and allow users to invest in cryptography.
