Welcome to CoinDesk's weekly cryptocurrency tech development update, presented by Margaux Nijkerk and Jamie Crawley. This issue features key network news, including SoFi Technologies' partnership with Lightspark to utilize the Bitcoin Lightning Network for real-time international money transfers.
SoFi's remittance service, expected to launch later this year, will enable users to send U.S. dollars through the SoFi app, with recipients receiving local currency deposits abroad via Lightspark's Universal Money Address. This move marks SoFi's reentry into the crypto space after a brief hiatus. Other notable updates include Bitlayer's collaboration with Kamino Finance and Orca to bring its bitcoin-backed token, YBTC, to the Solana ecosystem, Valantis' acquisition of stHYPE, and Hyperbeat's $5.2 million seed funding round co-led by ether.fi Ventures and Electric Capital.