SoFi Launches Instant Cross-Border Transfers with Bitcoin and UMA: Lightning-Fast Conversion to Local Currencies

SoFi Launches Instant Cross-Border Transfers with Bitcoin and UMA: Lightning-Fast Conversion to Local Currencies

SoFi enables instant cross-border transfers using Bitcoin and UMA

In a pioneering development, SoFi now enables instant cross-border transfers using Bitcoin and UMA (Universal Market Access). This innovative system greatly simplifies international money transfers and offers users a quick and cost-effective way to send money abroad.

The process works as follows: During the transfers, the amount in US dollars is first converted into Bitcoin. This happens via the Lightning Network, a technology that enables fast and cheap transactions. The amount is then converted into the recipient's local currency.

This new way of transferring money could revolutionize the way people send money around the world and represents a significant step towards making international transactions quicker and simpler.