SoFi Archives - Coin Engineer

First International Bitcoin Lightning Transfer in the U.S.!

Yeliz Akmaca — Wed, 20 Aug 2025 08:39:04 +0000

SoFi Technologies is set to become the first U.S. bank to integrate Bitcoin Lightning and Universal Money Address (UMA) solutions. The digital bank partnered with Lightspark to enable fast and low-cost cross-border transfers for users in the U.S., Mexico, and beyond.

SoFi announced a strategic partnership with Bitcoin payment infrastructure provider Lightspark. The company revealed the new service amid Bitcoin’s prominent price of $113,780. SoFi plans to launch the blockchain-powered money transfer service in Mexico later this year.

SoFi CEO Anthony Noto emphasized the convenience for members on the X platform. According to Noto, users will be able to make international transfers directly through the SoFi app. This service positions the bank strongly in the global money transfer market, which reached $740.5 billion in 2024.

SoFi + Lightspark = instant global payments.

Send money abroad in seconds, right from the @sofi app, powered by UMA.

Coming soon for → with more countries to follow.

The future of global payments is here: https://t.co/MxAA5o9k2Z pic.twitter.com/GFVq4KhoxF

— Lightspark (@lightspark) August 19, 2025

New Transfer Model Supported by UMA

SoFi’s UMA-based solution allows users to convert U.S. dollars into Bitcoin in real-time. Funds are sent across borders via the Lightning Network, and recipients receive payments directly in their local currency. This provides significant advantages in both speed and cost.

Lightspark’s UMA system enables transfers using email-like addresses. Founded in 2022 by PayPal’s former president David Marcus, the company quickly established global partnerships. SoFi will show exchange rates and fees to users before confirming transactions, emphasizing that costs will be below the national average.

The service will be available 24/7 to SoFi’s 11.7 million members. Last year, Coinbase integrated Lightspark’s Bitcoin Lightning infrastructure. According to Coinbase, 15% of Bitcoin transactions occurred via the Lightning Network within 12 months.

Meanwhile, Brazilian digital bank Nubank also partnered with Lightspark in 2024, planning to offer Bitcoin payments to its 100 million customers. However, Nubank has not yet confirmed full service activation.

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SoFi is Leaving the Crypto Industry!

admin — Mon, 04 Dec 2023 15:22:22 +0000

San Francisco-based financial giant SoFi Technologies Inc. is preparing to exit the cryptocurrency business due to increasing scrutiny pressure from banking regulators. The company has called on its crypto customers to liquidate their accounts or move to Blockchain.com.

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At first, established as a student loan financing company 12 years ago, SoFi entered the crypto industry in January 2022 by obtaining a banking charter. However, the Federal Reserve’s review of participation in digital assets and increasing regulatory pressures led the company to withdraw from the crypto business.

SoFi, a financial services company that ventured into the cryptocurrency industry in 2019, faced a critical decision regarding regulatory compliance. The company had to weigh the option of obtaining necessary regulatory approvals or exiting the crypto space altogether. Despite generating approximately $6 million in revenue from its crypto business in the last three months, this segment represented only a small fraction of SoFi’s overall revenue

Interestingly, although SoFi had initially been a high-profile participant in the crypto sphere, its presence dwindled significantly, as reflected in the company’s financial statements. This decline in significance within the crypto market contrasts with its initial high-profile entry into the industry.

Recent developments have indicated that SoFi’s crypto customers are required to either liquidate their accounts or migrate to Blockchain.com by December 19, adhering to the company’s provided instructions. This move may signify a strategic shift or a response to regulatory changes impacting SoFi’s crypto operations.

It’s essential for customers and observers to stay updated with SoFi’s announcements and regulatory developments in the crypto space to understand the rationale behind these changes and their potential implications for the company and its clientele.

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