tl;dr
San Francisco-based financial services company SoFi announced it will resume offering cryptocurrency trading and holding later this year, including popular coins like Bitcoin and Ethereum. Previously, SoFi offered crypto services and held a New York BitLicense but paused these services in 2023. Futu...
San Francisco-based financial services company SoFi announced its plan to resume cryptocurrency trading and custody services later this year, offering popular coins such as Bitcoin and Ethereum. After pausing crypto services in 2023 despite holding a New York BitLicense, SoFi aims to expand its crypto offerings to include stablecoins, staking, and borrowing against crypto holdings.
CEO Anthony Noto emphasized the firm's commitment to integrating crypto and blockchain innovations across its full range of financial services. This move aligns with recent regulatory clarity, notably an interpretive letter from the Office of the Comptroller of the Currency, allowing nationally chartered banks like SoFi Bank, N.A. to custody cryptocurrencies and provide related services.
SoFi plans to incorporate a variety of crypto and blockchain features into its platform, reinforcing its position as a comprehensive digital financial services provider. The announcement follows Noto’s statements earlier this year about pursuing aggressive crypto strategies once regulatory environments become clearer.
Market response has been positive, with SoFi’s shares rising 0.7% to $15.96, marking a 13% increase year-to-date. The company remains tight-lipped on additional specifics but signals a robust re-entry into the cryptocurrency space with its multi-faceted offerings for users seeking to trade, hold, and leverage digital assets.