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SoFi Bank is preparing to shake up the global remittance industry by introducing a blockchain-powered international money transfer service.
The US digital bank has partnered with Lightspark, a Bitcoin infrastructure company founded by former PayPal president David Marcus, to bring faster and cheaper cross-border payments directly into its app.
The new service will allow SoFi customers to send money abroad without relying on traditional remittance providers or third-party platforms.
Instead, transfers will be powered by the Bitcoin Lightning Network and Lightspark’s Universal Money Address, or UMA.
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
This technology is designed to move dollars across borders instantly, at any time of the day, while ensuring that fees and exchange rates are displayed clearly before each transaction.
SoFi says the service will debut later this year, beginning with Mexico, a key remittance corridor from the United States.
Once rolled out, users will be able to initiate transfers directly through the SoFi app, where US dollars will be converted into Bitcoin, routed across the Lightning Network, and then converted back into the recipient’s local currency before being deposited in their bank account.
Notably, this is not SoFi’s first step into the digital asset space.
The bank began offering crypto trading in 2019, but later scaled back the service following regulatory concerns during the collapse of FTX.
However, with a federal banking license secured and new rules under the GENIUS Act offering greater clarity, SoFi is reentering the sector more aggressively.
During its most recent earnings call, the company outlined ambitions beyond remittances.
These include plans for stablecoin issuance, crypto-backed loans, and staking infrastructure for other institutions.
By positioning itself as a bridge between traditional banking and Web3, SoFi hopes to secure a long-term advantage over pure-play crypto platforms.
The promise of speed and lower costs is central to SoFi’s plan.
Traditional remittances often take days to clear and can cost families as much as 6% of the amount being sent.
By embedding blockchain rails into its platform, SoFi expects to deliver a service that is available around the clock and significantly below the national average cost of remittances in the United States.
Anthony Noto, SoFi’s chief executive, emphasised that many of the bank’s members rely on sending money to loved ones overseas.
He said that building blockchain transfers directly into the SoFi app will give users “faster, smarter, and more inclusive access” to their funds.
The bank is also opening a waitlist to meet early demand and gauge interest from members who frequently send money abroad.
Lightspark, which launched in 2022, has been positioning its UMA as a universal standard for moving money globally in a way that feels as simple as sending an email.
According to Marcus, Bitcoin is the only open payments network that can power such transactions securely and at scale.
Marcus added that UMA on SoFi will allow members to move dollars instantly with full transparency and control, while avoiding the delays of traditional systems.
The collaboration makes SoFi the first US bank to integrate Bitcoin’s Lightning Network and UMA at this scale.
It also comes at a time when other major institutions, including Bank of America and JPMorgan, are testing blockchain for their own transfer systems.
San Francisco’s SoFi Bank, a rising financial institution with 6.2 million customers, has unveiled its substantial cryptocurrency holdings, demonstrating a proactive embrace of the evolving digital asset landscape.
A recent report shows that the bank’s second-quarter earnings totaled $170 million in various cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE).
Among its cryptocurrency investments, SoFi Bank boasts $82 million worth of Bitcoin, solidifying its position in ‘digital gold.’ Ethereum follows closely, with $55 million, showcasing the bank’s belief in the blockchain’s potential.
The meme-inspired Dogecoin takes the third spot with $5 million, while Cardano secures the fourth place with $4.5 million. The bank also diversifies with digital assets like Solana (SOL), Litecoin (LTC), and Ethereum Classic (ETC).
SoFi Bank's crypto holdings | Source: X
SoFi Bank’s unique proposition lies in its commitment to fee-free cryptocurrency investments, allowing customers to allocate a portion of their direct deposits to digital assets.
The bank further incentivizes newcomers by offering a $100 crypto bonus upon registration. With a minimum investment threshold as low as $10, the platform fosters accessibility to a variety of cryptocurrencies beyond Bitcoin.
While SoFi Bank’s innovative approach to cryptocurrency has garnered attention, it faces regulatory scrutiny, particularly from the United States Federal Reserve. The regulatory body has raised concerns over the bank’s involvement in crypto-related activities, requiring alignment with established policies. The bank has been given until January 2024 to ensure compliance, a process that involves navigating regulatory capital treatment intricacies.
Founded in 2011, SoFi Bank transitioned from its status as a non-bank entity in 2019 to a fully-fledged financial institution the following year.
BTC price falls to $29,300 | Source: BTCUSD on Tradingview.com
The earnings report highlights SoFi Bank’s business acumen, reflected in its strong second-quarter performance. With a remarkable 37% surge in revenue ($498 million) compared to the previous year, the bank showcases its ability to thrive amidst a rapidly evolving financial landscape.
SoFi Technology Stock also witnessed a 17% surge in July following its Q2 report. “As a result of this growth in high-quality deposits, we have benefited from a lower cost of funding for our loans,” SoFi CEO Anthony Noto said.
SoFi is not the only bank that has made its way into cryptocurrencies. Major US banks like Wells Fargo, JP Morgan, and Goldman Sachs, among others, have also taken the plunge to provide access to digital assets and cryptocurrencies for their clients.
Other notable entrants into the industry include BlackRock and ARK Invest, which have filed applications for Spot Bitcoin ETFs with the SECs. On August 13, the first of these, the ARK Invest application, will be deliberated on to be approved or rejected by the SEC. However, the regulator could also end up extending the deadline.
Featured image from BitIRA, chart from Tradingview.com
The company reported record-breaking new member additions, surpassing the 584,000 mark.
SoFi Technologies Inc (NASDAQ: SOFI), one of the leading fintech companies in the US, has released its Q2 2023 financial earnings report, beating expectations and impressing investors with its growth trajectory. According to an official press release on July 31, the company reported a net loss of $58 million, or 6 cents per share, a significant improvement compared to the $106 million loss, or 12 cents per share, recorded in the same period last year. Market experts had earlier projected a 7-cent loss per share, making this a notable 14.29% beat.
The company’s revenue also witnessed a robust surge, climbing to $498 million from $363 million in the previous year’s quarter. The FactSet consensus estimated income at $486 million on a GAAP basis, but SoFi outperformed predictions by 2.47%.
SoFi’s impressive earnings result is evident in its strong financial metrics. Earnings per share surged by 50% compared to the same period last year, highlighting the company’s improved financial performance. Sales skyrocketed by 37.32%, underscoring SoFi’s ability to capture a larger market share.
“We delivered another quarter of record financial results and generated our ninth consecutive quarter of record adjusted net revenue, which was up 37% year-over-year,” said the company’s CEO Anthony Noto.
The San Francisco-based company also saw a 26% increase in total deposits during the quarter at $2.7 billion. Notably, over 90% of SoFi Money deposits, including Checking and Savings accounts and cash management accounts, were from direct deposit members.
Buoyed by the news of the over-than-expected financial result, the company’s stock saw a positive performance on Monday morning, opening the market at $9.36, slightly higher than the previous day’s close of $9.09.
The stock stayed within the range of $9.16 to $9.60, with an elevated trading volume of 58,205,326 shares, exceeding the three-month average of 47,091,484. Last year, the company’s stock plunged drastically after the firm mistakenly released incompleted earnings results for Q1 2022.
With the new report, the company’s market capitalization stood at $9.0 billion, solidifying its position in the financial technology industry.
SoFi’s growth prospects remain strong, with a projected earnings growth rate of 43.00% over the next five years. The company’s revenue growth in the previous year was an impressive 62.08%, a testament to its ability to generate income effectively.
Despite a negative net profit margin of -18.18%, investors remain confident in SoFi’s potential. The price/sales ratio of 2.36 signifies investors’ willingness to pay $2.36 for every dollar of the company’s revenue, showcasing positive market sentiment. Moreover, the price/book ratio of 1.71 indicates that the stock is reasonably priced relative to its book value.
SoFi’s journey to success extends beyond the positive earnings results as the firm continues to expand its market presence and customer base. The fintech company said it witnessed impressive year-over-year growth in its member base and product offerings during the quarter.
The company reported record-breaking new member additions, surpassing the 584,000 mark, which brought the total number of members to over 6.2 million by the end of the quarter. This achievement represents an increase of over 1.9 million members, or 44%, compared to the end of the second quarter of 2022.
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
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]]>SoFi Technologies owns the naming rights of the home stadium of Super Bowl LVI champions the Los Angeles Rams
Anthony Noto said his family owns Bitcoin and Ethereum but advises that volatility continues to hinder greater adoption of the crypto asset class.
SoFi Technologies Inc. CEO Anthony Noto has revealed that his family holds crypto, including Bitcoin, Ethereum and several other digital assets.
Noto, speaking to CNBC in an interview on Monday, however, noted that the family’s crypto holdings make just a small portion of the total family investment.
Stating that the family is invested in crypto, the SoFi CEO added.
“We own Bitcoin, we own Ethereum, we own some of the more obscure and different cryptocurrencies, but it’s a very small part of what we own.”
Noto said that companies that do not invest in blockchain technologies might be making a mistake. Such companies risk being left behind, he noted. In his view, companies need to look at how to include innovation in their business, including the use of crypto “as a technology platform.”
Despite his positive remarks about investing in crypto or integrating the underlying blockchain technology, Noto points out why he thinks one should not have crypto as the majority of their portfolio.
He notes that the crypto market is highly uncertain and volatile, aspects that he says mean it should only form a small part of the portfolio.
In other remarks, Noto talked about SoFi’s big bet on the naming rights for a stadium that is now the home of reigning Super Bowl champions the Rams
He noted that the desire to see SoFi grow into a household name, and being part of the NFL was behind its move for the deal.
“It’s all played out the way that we had thought and then some,” he said.
SoFi Technologies has also made huge strides in getting all the necessary regulatory boxes ticked, the executive explained. These include the US Federal Reserve, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corp (FDIC) all key to the firms’ move to offer crypto-related services.
The company has a bank charter through its acquisition of Golden Pacific Bancorp Inc. and offers access to Bitcoin among other 30 digital assets.
