SoFi Jumps Back into Crypto: Trading and Blockchain Remittances Coming Soon

SoFi Technologies Inc. is making a bold move back into the crypto space, announcing plans to reintroduce crypto investing and add blockchain-based remittance services. This strategic shift aims to capitalize on the growing demand for digital asset solutions and enhance SoFi's offerings for its members.

Key Takeaways

• Crypto Investing Returns: SoFi will once again offer its users the ability to buy and sell cryptocurrencies like Bitcoin and Ethereum.
• Blockchain Remittances Launched: A new international money transfer service leveraging blockchain technology will offer real-time, transparent, and potentially lower-cost cross-border transactions.
• Regulatory Tailwinds: SoFi's national bank charter provides a solid foundation for offering these services, thanks to recent guidance from the Office of the Comptroller of the Currency (OCC).
• Expanding Ecosystem: SoFi's Galileo platform will extend crypto-related infrastructure services to other companies, further strengthening its position in the digital asset space.

What's on Offer?

SoFi's crypto investing platform is expected to include features beyond simple buying and selling, potentially incorporating:

• Staking
• Stablecoin access
• Crypto-collateralized lending

Why Now?

SoFi is responding to the increasing adoption of crypto among U.S. adults and the growing institutional interest in the sector. CEO Anthony Noto emphasizes the reinvention of financial services through crypto, digital assets, and blockchain. SoFi aims to provide more choice and control to its members across investing, money transfers, and financial planning.

Remittances on the Blockchain

SoFi's remittance product directly targets the significant outflow of U.S.-based remittances, offering a blockchain-powered alternative with real-time settlement and clear fee transparency compared to traditional methods.