Overview

Fintech company SoFi is set to reintroduce multiple cryptocurrency services by the end of the year, marking a significant shift after previously pausing its crypto operations due to an adverse regulatory landscape.

Key Points

• The reintroduction of crypto services follows two years of absence, coinciding with the increasing flexibility in regulations from the Comptroller of the Currency.
• CEO Anthony Noto expressed optimism regarding the new regulatory guidance, which he claims will ease the operational burdens for banks involved in the cryptocurrency sector.

“We will re-enter the crypto business, which we had to exit,” said Noto in an interview with CNBC. “We aim to make a more extensive push into cryptocurrency, ensuring integration of blockchain capabilities across all product areas.”

SoFi had provided clients access to over 20 different tokens as of 2023 but halted these services to focus on obtaining a bank charter amid challenging scrutiny within the digital asset sector, especially under the Biden administration.

With fresh guidance from regulators, Noto expects cryptocurrency investing services to become available again by the end of this year. Additionally, SoFi plans to incorporate blockchain technology across all its major offerings over the next two years, potentially including the addition of cryptocurrency payment options and lending against digital assets.

“Our goals for cryptocurrencies are aligned with those of our other products; we believe this technology can enhance lending, saving, spending, investing, and asset protection,” Noto remarked.