TLDR
SoFi plans to reintroduce crypto investing by end of 2025 after halting services in 2023
CEO Anthony Noto cites “fundamental shift” in regulatory landscape under Trump administration
Company aims to integrate blockchain across all product lines within next 6-24 months
Future offerings may include crypto payments and lending against digital assets
SoFi’s move comes as crypto market shows resilience with Bitcoin hovering around $93,000
SoFi Technologies is preparing to make a strong return to the cryptocurrency market after stepping away in 2023 due to regulatory pressures. CEO Anthony Noto confirmed the fintech bank plans to reintroduce crypto investing this year, citing a “fundamental shift” in the regulatory landscape under the Trump administration as the driving force behind this decision.
The company previously offered more than 20 cryptocurrencies before halting services to secure its bank charter during a period of heightened federal scrutiny of digital assets. Customers were either transferred to Blockchain.com or had to liquidate their holdings when SoFi exited the space.
Recent guidance from the Office of the Comptroller of the Currency (OCC) has cleared the path for SoFi’s return to crypto. A March directive eased compliance expectations for banks operating in the digital asset space, creating an opening for regulated financial institutions to engage with cryptocurrencies.
“We’re going to re-enter the crypto business, which we had to exit,” Noto told CNBC in a recent interview. “We’ll re-enter the business of allowing our members to invest in cryptocurrency.”
SoFi expects to offer crypto investing by the end of the year, barring any unforeseen circumstances. But the company’s ambitions extend far beyond simply reviving its previous offerings.
Expanding Beyond Basic Crypto Trading
Noto revealed that SoFi plans a more comprehensive push into cryptocurrency this time around. The company intends to integrate blockchain technology across its core product lines within the next two years.
“Our aspirations are as broad as they are for any other product that we have, and we believe we can leverage the technology across lending and savings and spending and investing and protecting,” Noto explained.
These expanded capabilities could include borrowing cash based on the value of crypto held with SoFi and using cryptocurrencies for payments. The company is also exploring crypto-backed loans and other innovative offerings tied to users’ digital holdings.
SoFi first entered the crypto scene in 2019, providing trading tools through a partnership with Coinbase. However, by 2023, the corporation had closed these offerings due to increasing regulatory uncertainties.
This new approach marks a deeper strategic pivot into the blockchain ecosystem. Unlike its past venture, SoFi now aims to do more than merely provide trading tools.
The company is investigating a whole spectrum of digital asset capabilities, including crypto custody, clearing and settlement platforms, and asset-backed financing using digital currencies as collateral. These initiatives are designed to enhance SoFi’s financial ecosystem and meet the needs of its increasingly tech-savvy customer base.
SoFi’s renewed push comes as the broader crypto market shows resilience despite recent cooling. At the time of writing, the global market cap sits at $2.92 trillion following a modest 1.78% dip, with Bitcoin retreating to $93,222 after briefly touching $95,000.
The market’s steady tone suggests underlying strength, with traders remaining composed and the absence of mass profit-taking hinting at growing confidence and sustained demand – creating a promising backdrop for SoFi’s crypto ambitions.
SoFi’s potential return to cryptocurrencies signals that the fintech sector is regaining confidence in blockchain-based finance. As regulatory frameworks become clearer, companies like SoFi are positioning themselves to quickly reclaim their place in the evolving digital asset market.
The post SoFi to Resume Crypto Services in 2025 Following Regulatory Shift appeared first on Blockonomi.
