On an unspecified date, SoFi Technologies, Inc. announced its return to the cryptocurrency market, integrating blockchain technology for international remittances and digital asset trading.
This move follows regulatory shifts that have created a more favorable environment for financial institutions to engage with digital assets.
After discontinuing crypto services in 2023, SoFi is reintroducing cryptocurrency trading, allowing customers to buy, sell, and hold digital assets. The company plans to expand into stablecoin offerings and introduce features for borrowing against crypto holdings. CEO Anthony Noto emphasized the commitment to integrating blockchain across all major product areas.
The Office of the Comptroller of the Currency (OCC) has issued new guidelines allowing banks to engage in crypto-related activities without prior approval. SoFi plans to roll out its crypto services over the next six to 24 months, potentially accelerating through strategic acquisitions. In the first quarter of 2025, SoFi reported revenue up 33% year-over-year and EBITDA up 46%.