announced<\/a> on Aug. 19, SoFi Bank will offer near-instant cross-border payments that convert U.S. dollars to Bitcoin in real-time and transmit them via Lightning rails.\u00a0<\/p>\nThe funds are then automatically converted into the recipient\u2019s local currency and deposited into their bank account. This rollout will mark the first time a U.S. bank integrates blockchain-based remittance capabilities directly into its core banking app.<\/p>\n
What does this mean for SoFi Bank users?<\/h1>\n
The new feature will let SoFi\u2019s 11.7 million members send money abroad at a fraction of the cost of traditional remittance channels. All transactions will take place within the SoFi app, with no need for third-party services.\u00a0<\/p>\n
The company says it expects fees to fall below the national average and that all exchange rates and costs will be disclosed upfront to ensure transparency.<\/p>\n
SoFi CEO Anthony Noto said the new service aims to make a \u201cmeaningful improvement\u201d for customers who regularly send money abroad.<\/p>\n
\u201cBy embedding this directly into SoFi\u2019s app, we\u2019re unlocking the value of blockchain technology to give members faster, smarter, and more inclusive access to their money,\u201d he said.<\/p>\n
<\/p>\n
SoFi Bank and the Bitcoin Lightning Partner<\/h2>\n
The technical core of SoFi\u2019s new service is Lightspark\u2019s Universal Money Address (UMA), which allows users to send and receive funds using simple, email-like identifiers. Behind the scenes, UMA routes payments through Bitcoin\u2019s Lightning Network\u2014a Layer 2 protocol designed to handle small transactions rapidly and cheaply by operating off-chain.<\/p>\n
When a user initiates a transfer, the system converts U.S. dollars into Bitcoin in real-time, sends the BTC through Lightning channels, and converts it again into the destination country\u2019s currency. Funds land directly in the recipient\u2019s bank account without requiring them to hold or manage crypto.<\/p>\n
At launch, the feature will be available for transfers to Mexico, with more countries planned in a phased expansion. SoFi says the phased rollout ensures consistency and security from day one.<\/p>\n
SoFi\u2019s return to the digital asset sector<\/h2>\n
SoFi is stepping back into the crypto space, two years after regulatory headwinds forced it to walk away.<\/p>\n
The digital bank backed away from crypto in 2023, not by choice, but under mounting pressure from regulators that left little room to operate within existing rules. By November, customers were asked to transfer or liquidate their holdings, and services shut down shortly after.<\/p>\n
However, a change in tone from U.S. regulators opened the door to a comeback. In April 2025, CEO Anthony Noto confirmed SoFi\u2019s renewed interest in crypto and said the company planned to integrate blockchain solutions across lending, investing, payments, and protection products.<\/p>\n
As previously reported by crypto.news, the bank restarted spot cryptocurrency trading on its platform in June.<\/p>\n
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