SoFi Technologies (SOFI) Partners with Lightspark to Enable Money Transfer on Blockchain

SoFi Technologies, Inc. (NASDAQ:SOFI) is one of the best Robinhood stocks to buy right now. On August 19, the company inked a strategic partnership with Lightspark. The two are joining forces to launch a blockchain-enabled international money transfer through the SoFi app.

The launch of the new system aims to position SoFi Technologies as one of the first banks in the US to offer blockchain-powered remittances. The system is designed to lower fees and enable faster delivery of remittances, with total costs expected to be below the national average.

The international money transfer service leverages Lightspark’s Universal Money Address technology, which integrates the Bitcoin Lightning Network to enable cross-border transactions. Consequently, the SoFi system aims to enhance the conversion of US dollars into Bitcoin in real-time, route funds across borders, and instantly convert them into local currencies.

“For many SoFi members who regularly send money to loved ones internationally, the ability to quickly transfer money at low cost isn’t just a convenience, it’s a meaningful improvement to their everyday financial lives,” said Anthony Noto, SoFi CEO.

SoFi Technologies, Inc. (NASDAQ:SOFI) is a financial services company offering a range of products, including student and personal loans, home loans, investment services, a cash management account, and a credit card. It operates through its Lending, Financial Services, and Technology Platform segments, providing a comprehensive financial ecosystem for consumers, with a particular focus on individuals with good credit.

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Disclosure: None. This article is originally published at Insider Monkey.