SoFi, the San Francisco-based financial services firm, is set to re-enter the cryptocurrency market later this year, allowing users to trade and hold major cryptocurrencies like Bitcoin and Ethereum. Previously, SoFi provided crypto trading services and obtained a New York BitLicense in 2019, but halted these offerings in 2023 after careful consideration. The company plans to introduce stablecoins, crypto staking, and borrowing against crypto holdings in the future. CEO Anthony Noto emphasized that innovations in crypto and blockchain will be integrated across all their services, positioning SoFi as a comprehensive digital financial platform. Noto had hinted at this move during a January earnings call, advocating for clearer crypto regulations. The recent interpretive letter from the Office of the Comptroller of the Currency allows national banks, including SoFi Bank, to custody crypto, reflecting a shift towards more favorable regulations. SoFi's stock has seen a modest increase, rising about 13% this year, as the firm prepares to launch its new crypto initiatives. Read more AI-generated news on: https://app.chaingpt.org/news

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