US fintech SoFi is poised to leverage the evolving regulatory landscape to relaunch its crypto services. Starting later this year, SoFi customers will have the opportunity to buy, sell, and hold various cryptocurrencies, including Bitcoin and Ethereum. The company plans to expand its offerings to include stablecoins, the ability to borrow against crypto assets, and staking features.
Furthermore, SoFi intends to provide blockchain and digital asset infrastructure capabilities through its technology platform, Galileo, to other businesses.
After initially stepping back from digital assets due to regulatory concerns, SoFi is re-entering the market following a change in rules by the Office of the Comptroller of the Currency regarding what banks can do with cryptocurrency. With its nationally chartered bank, SoFi is now positioned to offer crypto custody and execution services for customers, as well as engage in specific stablecoin activities.
Additionally, SoFi is utilizing blockchain technology to launch remittance services. Users will be able to initiate transfers through the SoFi app by entering the recipient’s contact details and the amount in US dollars. Funds will be transmitted via blockchain, converted into local currency at the destination, and deposited directly into the recipient’s account.
Anthony Noto, CEO of SoFi, states: “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. Crypto and blockchain innovations can and will be threaded through each of our businesses and capabilities, including buying, paying, saving, investing, borrowing, and protecting.”