SoFi Technologies, an online banking platform, is making a triumphant return to the cryptocurrency industry after a two-year hiatus due to regulatory hurdles. The American fintech firm is rolling out crypto trading and onchain remittances once again.
The announcement made on Wednesday signifies a major shift for SoFi, which had withdrawn from the crypto space in November 2023. The company’s plans include bolstering its services by introducing “blockchain-driven international remittances.”
SoFi users will have the capacity to purchase, trade, and hold crypto assets directly in their accounts. The company’s future roadmap includes broadening its scope to stablecoin offerings and incorporating the function to borrow against crypto assets, as mentioned in a waitlist notice on the website.
SoFi is also aiming to offer members “the chance to leverage their assets, extend payment alternatives, and bring in new staking features,” as per the company’s statement.
SoFi CEO, Anthony Noto, expressed significant enthusiasm about the potential of leveraging blockchain and crypto across the company’s operations. He mentioned, “SoFi’s upcoming international payments—often referred to as remittances—will convert fiat to crypto, transmit via blockchain, and convert to local fiat.”
The company is looking at the growing fintech blockchain industry, which is projected to rise from $3.4 billion in 2024 to a whopping $49 billion by 2030, according to Insider. SoFi’s Galileo finance platform will also back third-party crypto infrastructure, such as wallets and custody, positioning the company as a strong contender in the rapidly evolving digital finance landscape.
SoFi had withdrawn from the crypto industry in 2023 as a condition of acquiring a bank charter under a more stringent regulatory environment. However, with the Trump administration easing regulations, and with stablecoin legislation currently under congressional review, the situation looks promising for crypto companies to engage more freely with banks. SoFi’s stock (SOFI) has seen an increase of approximately 12% over the past week, as per Google Finance.
