- SoFi plans a strong crypto comeback, backed by easing federal regulations
- New offerings include blockchain integration, crypto payments, and lending against digital assets
After stepping away from digital assets in 2023 due to regulatory pressure, SoFi is now preparing a bold return to the crypto market.
CEO Anthony Noto confirmed the move, citing a “fundamental shift” in the regulatory environment under the Trump administration as the catalyst.
The company, which had previously offered over 20 cryptocurrencies before halting services to secure its bank charter, is now responding to fresh guidance from the Office of the Comptroller of the Currency.
SoFi’s CEO on the firm’s re-entry
Remarking on the same in a recent interview with CNBC, Noto revealed that SoFi plans to aggressively re-enter the crypto space. He hinted at the renewed institutional confidence amid evolving federal oversight.
He said,
“We’re going to re-enter the crypto business, which we had to exit. We’ll re-enter the business of allowing our members to invest in cryptocurrency. We want to actually make a bigger, more comprehensive push into cryptocurrency [this time], to include really providing crypto or blockchain capabilities in each product area that we have.”
Buoyed by updated guidance from the Office of the Comptroller of the Currency, SoFi is eyeing a swift return to crypto investing by the end of the year now.
March’s directive, which eased compliance expectations for banks operating in the digital asset space, has cleared a path for SoFi’s renewed ambitions.
What is the vision behind the same?
CEO Noto revealed that beyond just relaunching crypto trading, the company intends to integrate blockchain across its core offerings within the next two years.
Additionally, SoFi is exploring the rollout of crypto-based payment solutions and lending services backed by digital assets, marking a broader strategic pivot into the blockchain ecosystem.
“Our aspirations are as broad as they are for any other product that we have, and we believe we can leverage the technology across lending and savings and spending and investing and protecting.”
SoFi is also exploring innovative offerings like crypto-backed loans and payment solutions tied to users’ digital holdings, signaling a deeper commitment to the sector.
Current crypto market conditions
This renewed push comes as the broader crypto market experiences a measured cooling across the board.
At the time of writing, the global market cap sat at $2.92 trillion following a modest 1.78% dip, with Bitcoin [BTC] retreating to $93,222 after briefly touching $95,000.
And yet, despite the pullback, the market’s steady tone suggested resilience.
Traders remain composed, and the absence of mass profit-taking is hinting at growing confidence and sustained demand – A promising backdrop for SoFi’s crypto ambitions.