SoFi Technologies, the online banking and fintech platform, is making a strong return to the cryptocurrency space after stepping back due to regulatory hurdles. On Wednesday, the company announced it is reentering the crypto market, relaunching crypto trading services and unveiling new “blockchain-powered international remittances.” This marks a major shift for the American firm, which had exited the crypto space in November 2023.
SoFi Sets Sights on Stablecoin Offerings
According to a waitlist notice on its website, SoFi customers will soon be able to buy, sell, and hold cryptocurrencies directly within their accounts. The company also has plans to expand into stablecoin offerings and introduce crypto-backed lending options.
In addition, SoFi will roll out new features including asset-backed borrowing, expanded payment methods, and crypto staking capabilities.
CEO Anthony Noto expressed enthusiasm about the firm’s blockchain ambitions, stating he’s “very excited” about the innovation crypto can bring across SoFi’s business lines. He highlighted that the upcoming international payment service will involve converting fiat to crypto, transmitting funds via blockchain, and then converting them back into local fiat currency.
A pivot to crypto
Noto emphasized that this is just “day one” of the innovation SoFi aims to drive through blockchain, cryptocurrency, and AI—technologies he believes will make financial services “faster, easier, safer, more accessible, and lower cost” for its members.
The relaunch of SoFi’s crypto offerings comes at a pivotal moment, as the fintech blockchain sector is expected to surge from $3.4 billion in 2024 to $49 billion by 2030, according to Insider.
Additionally, SoFi’s Galileo financial platform will support third-party crypto infrastructure, including wallets and custody solutions—positioning the company to compete more aggressively in the rapidly evolving digital finance space.
SoFi exited the crypto market in 2023
SoFi withdrew from the crypto industry in 2023 as part of the conditions for securing a bank charter amid a more stringent regulatory landscape.
However, the regulatory climate has since shifted under the Trump administration. Stablecoin legislation is currently progressing through Congress, and the Federal Reserve has eliminated “reputational risk” as a factor in bank examinations—a move that could ease partnerships between banks and crypto firms.
Meanwhile, SoFi’s stock (SOFI) has risen approximately 12% over the past week, according to Google Finance.
