What is happening to crypto?

Here are the top stories to know what is going on with crypto today. SoFi will use Bitcoin’s Lightning Network for international money transfers, SkyBridge Capital plans to tokenize $300 million on Avalanche, and a Trump family-backed company agreed to buy a Dogecoin and Litecoin mining firm.

SoFi launches international transfers using Bitcoin Lightning 

SoFi announced it will start an international money transfer service using Bitcoin’s Lightning Network. The service will convert dollars to BTC, send the funds through Lightning using Lightspark’s Universal Money Address standard, then deliver local currency to the recipient’s bank account. The company will start with transfers to Mexico.

SoFi’s international money transfer service will launch later this year through its app, offering 24/7 access without the need for third-party tools. It promises lower-than-average costs, with full transparency on exchange rates and fees shown upfront before sending.

The Universal Money Address works as both an address system and messaging layer to allow banks to work together on the Lightning Network while following regulations. SoFi said the rollout will be built into their app and will expand to new countries in phases.

SkyBridge to tokenize $300 million on Avalanche

SkyBridge Capital announced plans to bring two hedge funds onto the Avalanche blockchain, tokenizing about $300 million using infrastructure from Tokeny, which is now part of Apex Group. The funds will use the ERC-3643 standard.

The company will tokenize the Digital Macro Master Fund Ltd and Legion Strategies Ltd. Apex’s Digital 3.0 platform will handle the creation and management of the tokens. Avalanche said SkyBridge chose their blockchain because of fast transaction finality and compatibility with Ethereum’s virtual machine.

Trump-backed Thumzup to buy Dogecoin miner Dogehash

Thumzup Media agreed to acquire Dogehash Technologies in an all-stock deal. Dogehash shareholders will receive 30.7 million Thumzup shares. The companies expect to complete the deal in the fourth quarter of 2025, pending regulatory approvals.

Dogehash runs industrial mining operations focused on Dogecoin and Litecoin, using Scrypt ASIC machines. The deal follows Thumzup’s recent fundraising round, which aimed to raise money for buying digital assets and mining equipment.