Fintech giant and America's largest online lending platform SoFi Technologies announced its return to the cryptocurrency space, not only reopening spot cryptocurrency trading for Bitcoin and Ethereum but also launching a blockchain-based cross-border remittance service.
SoFi ceased offering cryptocurrency trading services in 2023, becoming a regulated bank. However, following the release of interpretive letters by the Office of the Comptroller of the Currency (OCC) in March and May of this year, allowing nationally chartered banks to provide services related to cryptocurrency custody, trading execution, and stablecoin reserves, SoFi decided to restart its cryptocurrency business.
According to an announcement released on Wednesday, SoFi will reopen the purchase, sale, and holding of multiple cryptocurrencies, including Bitcoin and Ethereum, later this year; it will further expand to stablecoin trading, provide lending services collateralized by cryptocurrencies, expand payment options, and introduce new staking features.
In addition to the return of cryptocurrency investment features, SoFi also announced the launch of a blockchain-based cross-border remittance service, allowing SoFi Money users to operate through the app by simply entering the recipient's information and the dollar remittance amount to directly send funds across borders.
SoFi stated that this service is expected to officially launch within this year, supporting dozens of countries and regions, with funds automatically transmitted through secure and well-known blockchain networks, converted to local currency at the destination, and swiftly deposited into the recipient's account, with completely transparent exchange rates and fees, freeing users from the constraints of traditional bank processing times and high transaction fees.
This article is republished with permission from: (Block Client)
Original Title: (Returning to the Crypto Battlefield! SoFi Restarts Bitcoin and Ethereum Trading, Expands 'Blockchain Cross-Border Remittance Service')
Original Author: Crypto Girl MEL
'America's Largest Online Lending Platform! SoFi Restarts Bitcoin Trading and Launches Blockchain Cross-Border Remittance' This article was first published in 'Crypto City'
