SoFi Technologies is set to introduce remittance payments utilizing the Bitcoin layer-2 Lightning Network through its partnership with Lightspark. This new service, expected to launch later this year, will enable users to send U.S. dollars via the SoFi app, allowing recipients abroad to receive deposits in local currency. This move marks SoFi's return to the crypto space after a hiatus in 2023 due to its transition to a national bank. The integration of Lightspark’s Universal Money Address (UMA) aims to provide fast, cost-effective international transfers, circumventing traditional remittance challenges. The Lightning Network offers a scalable solution for quick micropayments, aligning with Bitcoin's goal of enabling peer-to-peer digital cash. SoFi promises upfront exchange rates and fees to improve transparency for its users, enhancing the overall remittance experience.

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