SoFi is relaunching crypto investing, enabling users to buy, sell, and hold cryptocurrencies like Bitcoin and Ethereum.
The company plans to offer stablecoins and services like crypto-collateralized lending and staking.
Eligible SoFi Money members will be able to initiate self-serve international money transfers to dozens of countries via blockchain.
SoFi suspended its digital asset services in 2023 to obtain a banking license but is now re-entering following new regulatory guidance.
Why this matters:: SoFi’s move provides users with more options for managing their finances and positions the company as a forward-thinking player in the fintech space.
SoFi Technologies Inc. (NASDAQ: SOFI) is expanding its digital financial services with a renewed focus on crypto-powered capabilities and blockchain innovations. The company’s relaunch of crypto investing will allow members to buy, sell, and hold cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). SoFi also intends to offer stablecoins like USDT and USDC, along with services like crypto-collateralized lending and staking features. These services will be integrated into the SoFi app, streamlining the user experience.
In addition, SoFi Money members will gain the ability to initiate self-serve international money transfers to numerous countries. These transfers will be fully automated within the SoFi app, leveraging blockchain networks for efficient and secure transactions. This service aims to simplify international remittances by enabling round-the-clock transactions, currency conversions, and direct deposits into recipients’ accounts.
SoFi had previously suspended its crypto services to secure a banking license. The company’s re-entry into the crypto space is supported by new guidance from the Office of the Comptroller of the Currency, which allows nationally chartered banks to offer crypto and stablecoin services.
SOFI stock has gained 4% this year, reflecting investor confidence in the company’s strategic direction. Analysts have issued a consensus Moderate Buy rating for SOFI, with an average price target of $14.05.
Q: What cryptocurrencies will SoFi support?
SoFi will support Bitcoin (BTC), Ethereum (ETH), and various stablecoins like USDT and USDC.
Q: What new services will SoFi offer?
New services include crypto investing, stablecoin integration, crypto-collateralized lending, staking, and international money transfers via blockchain.
SoFi is re-entering the crypto market with new services and features.
Stablecoin integration and blockchain-based international money transfers are key highlights.
The move is supported by updated regulatory guidance allowing banks to offer crypto services.
SoFi aims to provide more choice and control to its members in managing their digital assets.
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