SoFi, a financial services company based in San Francisco, will return to the cryptocurrency market by the end of this year, providing users with the ability to trade and hold popular currencies like Bitcoin and Ethereum. This comes after the company stopped offering crypto services in 2023.
SoFi's expansion plans and vision
Previously, having held a BitLicense in New York, the company ceased its cryptocurrency services in 2023 after a "thorough consideration process." Now, the company plans to relaunch Bitcoin and Ethereum trading, along with offering stablecoins, crypto staking features, crypto-backed lending, and other services in the future.
SoFi CEO Anthony Noto stated, "The future of financial services is being completely reshaped through innovations in cryptocurrency, digital assets, and blockchain more broadly." He emphasized that these innovations will be integrated into every aspect of SoFi's business, from purchasing, payments, savings, investments, lending, and asset protection.
The move is in line with regulatory compliance and market trends
SoFi's intention to re-enter the crypto market is not surprising, as it was mentioned by Noto in the January earnings report. He also emphasized the importance of clear regulations regarding crypto, stating that the company will act "decisively" when there is more clarity.
One example mentioned in the announcement on Wednesday is the ability for federally licensed banks, such as SoFi Bank, N.A., to provide crypto custody and perform services on behalf of customers. In May, the Office of the Comptroller of the Currency issued an explanatory letter allowing national banks to do this, signaling broader regulatory changes in crypto policy under the Trump administration.
In addition to enabling crypto trading and custody, SoFi stated that it has "many innovations in crypto and blockchain planned" to be implemented through its "one-stop" financial services ecosystem. Shares of SoFi Technologies (SOFI) rose about 0.7% today to $15.96 and have increased about 13% year-to-date.