SoFi to bring back Bitcoin and ETH trading, rollout blockchain-based global remittances in latest crypto push
Quick Take SoFi will reintroduce spot crypto trading and launch new features after halting services in 2023 due to regulatory constraints. The company also plans to roll out a blockchain-based global remittance service later this year, enabling 24/7 international transfers with upfront fee transparency and instant currency conversion within the SoFi app.
SoFi Technologies, the fintech company and largest online lender in the United States, will reintroduce spot crypto trading to its platforms and launch a new blockchain-based remittance service, the company announced Wednesday.
SoFi members will be able to buy, sell, and hold a selection of cryptocurrencies like Bitcoin and ETH later this year, according to the announcement. The firm also eventually intends to offer stablecoins and other services, including providing members with the ability to borrow against their crypto assets, expanding payment options, and introducing new staking features.
SoFi stopped offering crypto trading services in 2023 as it became a regulated bank. However, two Office of the Comptroller of the Currency interpretive letters from March and May now permit nationally chartered banks to offer crypto custody, execute trades, and hold stablecoin reserves, among other related activities, Sofi said Wednesday.
Self-serve international money transfers, which are also known as global remittances, are also expected to launch later this year. SoFi Money members will be able to transfer money to people in dozens of countries. Members will be able to initiate a transfer in the SoFi app by entering the recipient’s contact details and the amount to send in U.S. dollars.
"Funds will be automatically transmitted on secure, well-known blockchain networks, converted into local currency at the destination, and rapidly deposited into the recipient’s account, with full transparency on exchange rates and fees upfront, all available 24/7 in the SoFi app," the firm said.
Sofi expressed interest in returning crypto services last month following strong first quarter earnings.
“The future of financial services is being completely reinvented through innovations in crypto, digital assets, and blockchain more broadly,” SoFi CEO Anthony Noto said in Wednesday's release. "We’re accelerating our efforts to give members more choice and more control, whether they’re investing, sending money across borders, or planning for their future... And in doing so, we will continue to stand alone in offering our members unmatched products and services as the only digital one-stop shop for their financial needs."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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