The online banking platform SoFi Technologies is making a significant return to the cryptocurrency space after exiting the market due to regulatory challenges, reintroducing cryptocurrency trading and on-chain remittance services.
The American personal finance and fintech company announced its re-entry into the cryptocurrency market on Wednesday, launching "blockchain-driven international remittances," marking a major shift since its exit from the sector in November 2023.
According to a notice on its website's waiting list, SoFi customers will be able to buy, sell, and hold crypto assets in their accounts, with plans to eventually expand into stablecoin products and increase lending features backed by cryptocurrencies.
The company stated it would provide members with "collateralized lending capabilities, expanded payment options, and new staking features."
SoFi CEO Anthony Noto expressed his excitement about the company leveraging blockchain and cryptocurrency to drive innovation in its business, adding, "The new international payments (commonly referred to as remittances) that SoFi plans to launch will convert fiat currency into cryptocurrency, transmit it via blockchain, and then convert it back into local fiat currency."
Noto added that this is just the "first day" of driving innovation through blockchain, cryptocurrency, and artificial intelligence, innovations that can make financial services "faster, easier, safer, more accessible, and cheaper."
According to Insider, the launch of its cryptocurrency products comes as the fintech blockchain industry is expected to grow from $3.4 billion in 2024 to $49 billion by 2030.
The company also stated that its Galileo financial platform will support third-party crypto infrastructure, such as wallets and custody, enabling SoFi to compete in the evolving digital finance landscape.
SoFi exited the cryptocurrency industry in 2023 as part of the conditions for obtaining a banking license, amid a stricter regulatory environment.
However, under the Trump administration, regulations have eased, with stablecoin legislation currently passing through Congress, and the Federal Reserve has removed "reputational risk" when reviewing banks, which may make it easier for cryptocurrency companies to deal with banks.
According to Google Finance, the company's stock (SOFI) has risen about 12% in the past week.
Related: Barclays bans credit card transactions for cryptocurrency starting Friday
Original: “SoFi Digital Bank Relaunches Cryptocurrency Services After 2-Year Hiatus”
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