Online banking and fintech platform SoFi Technologies has officially reentered the cryptocurrency space after a brief regulatory retreat. In a major announcement on Wednesday, the company revealed it is rolling out crypto trading services and launching blockchain-based international remittances.
The move marks a significant pivot for the firm, which had exited the crypto industry in November 2023 due to regulatory limitations tied to its bank charter.
Customers will now be able to buy, sell, and hold various cryptocurrencies directly within their SoFi accounts. The company is also introducing on-chain remittance services, allowing users to convert fiat into crypto, transfer it over the blockchain, and reconvert it into local fiat currencies—streamlining cross-border payments.
These new services are part of SoFi’s broader push into crypto finance, with plans to support stablecoin offerings and crypto-backed borrowing in the near future.
SoFi CEO Sees Long-Term Potential in Blockchain and AI
SoFi CEO Anthony Noto expressed strong enthusiasm about the firm’s renewed focus on digital assets. “This is just day one. We can make financial systems faster, safer, more accessible, and lower cost for our members,” he added.
The announcement also included plans for staking features and expanded payment options, underscoring SoFi’s aim to become a one-stop-shop for modern financial services. Its Galileo platform, a core part of the company’s infrastructure, will additionally support third-party crypto services such as wallets and custody solutions—allowing SoFi to cater to both consumers and fintech developers in the digital asset ecosystem.
SoFi’s timing aligns with bullish industry projections, with Insider forecasting that the fintech blockchain market could grow from $3.4 billion in 2024 to $49 billion by 2030. This potential surge provides fertile ground for SoFi to scale its crypto operations.
Regulatory Climate Now More Favorable
SoFi’s earlier withdrawal from crypto was a condition of securing a bank charter in 2023. However, recent regulatory shifts have opened the door for its return. With the Federal Reserve easing constraints like “reputational risk” and stablecoin legislation advancing in Congress, the environment now appears more accommodating.
In response to the news and broader optimism, SoFi’s stock (SOFI) has risen approximately 12% over the past week.
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