Digital banking platform SoFi Technologies is reentering the cryptocurrency space after stepping back due to regulatory pressures, now relaunching crypto trading along with blockchain-based remittance services.
The U.S.-based fintech and personal finance company revealed on Wednesday its return to the crypto sector, introducing “blockchain-enabled international transfers”—a notable shift following its market exit in November 2023.
SoFi users will soon have the option to buy, sell, and store crypto assets directly within their accounts, with plans underway to roll out stablecoin services and offer crypto-backed lending, as mentioned in a waitlist update on the company’s website.
The platform also noted that members would gain access to borrowing options against their holdings, expanded payment methods, and upcoming staking functionalities.
CEO Anthony Noto was quite excited about how blockchain technology and cryptocurrency may revolutionize SoFi’s business. He highlighted that the upcoming international payment system—commonly known as remittances—will involve converting fiat into crypto, transferring funds via blockchain, and reconverting to local currencies on the receiving end.
Noto emphasized that this is just the beginning of the innovation possible through blockchain, crypto, and AI, aiming to make financial services faster, more secure, affordable, and widely accessible for their members.
The launch of these crypto services aligns with projections showing the fintech blockchain sector expanding from $3.4 billion in 2024 to an estimated $49 billion by 2030, according to Insider.
Additionally, the company noted that its Galileo financial platform will integrate third-party crypto tools, including wallets and custody solutions, strategically positioning SoFi to compete in the rapidly advancing digital finance space.
SoFi exited the crypto sector in 2023 as part of the requirements for securing a bank charter amid tighter regulatory conditions.
Since then, the landscape has shifted under the Trump administration, with regulatory pressure easing—stablecoin legislation is progressing in Congress, and the Federal Reserve has eliminated “reputational risk” from its bank examination criteria, potentially making it simpler for crypto firms to engage with traditional banks.
According to Google Finance, SoFi’s stock (SOFI) has climbed approximately 12% over the past week.
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