SoFi Technologies Inc. has announced its plans to restart cryptocurrency trading services by the end of the year, facilitated by recent changes in federal regulations.
Return to Crypto Trading
CEO Anthony Noto confirmed that SoFi will reintroduce cryptocurrency trading by the end of 2023 after changes to federal rules under the Trump administration allowed national banks to offer certain crypto services.
Plans and New Features
Noto stated, "The future of financial services is being completely reinvented through innovations in crypto, digital assets, and blockchain more broadly." He added that innovations in crypto and blockchain will be threaded through each of the company's businesses and capabilities, including buying, paying, saving, investing, borrowing, and protecting. Additionally, SoFi plans to offer crypto-backed loans, enabling users to borrow money while using their crypto as collateral.
SoFi's Financial Results
SoFi has reported a strong start to the year, adding 800,000 new customers in the first quarter and achieving a profit of $71 million, significantly higher than expert estimates. The company's loan business is also performing better, with a decrease in missed payments.
SoFi's return to crypto trading marks an important step in integrating crypto services into traditional financial products and confirms the strong financial position of the company.
