SoFi Technologies has officially returned to the cryptocurrency market after a brief regulatory retreat. The company has announced the launch of crypto trading services and blockchain-based international remittances.
SoFi's Return to the Crypto Space
SoFi Technologies has announced its return to cryptocurrency services after exiting the sector in November 2023 due to regulatory limitations related to its bank charter. Customers can now buy, sell, and hold various cryptocurrencies directly within their SoFi accounts.
Company's Future Plans
As part of its expansion into crypto finance, the company is also introducing blockchain-based international remittance services. These services will allow users to convert fiat into crypto, transfer it over the blockchain, and reconvert it into local fiat currencies. SoFi's CEO, Anthony Noto, expressed that this is just the beginning, stating, 'This is just day one. We can make financial systems faster, safer, more accessible, and lower cost for our members.'
More Favorable Regulatory Climate
SoFi's earlier withdrawal from crypto was necessary to secure a bank charter in 2023. However, recent regulatory changes have made it easier for the company to return. The fintech blockchain market is projected to grow from $3.4 billion in 2024 to $49 billion by 2030, providing an opportunity for SoFi to scale its crypto operations.
In conclusion, SoFi is making a comeback in the cryptocurrency market, offering new services and laying the groundwork for future developments in blockchain finance.
