SoFi plans to re-enter the cryptocurrency market by year-end after a pause due to regulatory issues. CEO Anthony Noto highlighted this shift following new guidance easing restrictions for banks. The company aims to enhance its offerings by integrating crypto services and blockchain technology across all its financial products.
SoFi is gearing up for a significant foray into the cryptocurrency market following a pronounced shift in the U.S. regulatory landscape. CEO Anthony Noto stated on Wednesday that the company plans to roll out various crypto services by the end of this year, signalling a major comeback after two years in limbo due to regulatory challenges.
The fintech firm had initially stopped its crypto operations in 2023, focusing instead on securing a bank charter amid a period of intense scrutiny concerning digital assets under the Biden administration. Noto remarked that the upcoming move is largely influenced by new guidance from the Comptroller of the Currency, released in March, which eases the regulatory burden for financial institutions venturing into crypto.
“We’re going to re-enter the crypto business,” Noto told CNBC in a candid discussion. “We want to enable our members to invest in cryptocurrency more comprehensively, embedding crypto capabilities across all of our product lines.” This approach marks a stark turnaround from 2023 when SoFi had offered more than 20 different tokens.
In addition to reinstating crypto investing, SoFi is keen on integrating blockchain technology into its major services over the next two years. Noto hinted at future possibilities that include crypto payments and lending options based on crypto assets, broadening the scope of what the firm can offer its clients.
“Our aspirations in this sector are as wide-ranging as for any other product,” stated Noto, expressing confidence that the firm would leverage blockchain technology across various financial services such as lending, savings, spending, investing, and protection.
