SoFi to Introduce Blockchain Remittances and Relaunch Crypto Trading Services
SoFi (SOFI) announced plans to launch international remittances using blockchain and stablecoins, enabling 24/7 transactions. Users can send U.S. dollars and select stablecoins to recipients abroad efficiently, with funds converted to local currencies quickly.
Key details include:
- The remittance service is designed to be cheaper and faster than traditional wire transfers.
- SoFi will relaunch crypto trading services, allowing users to buy, sell, and hold major cryptocurrencies like Bitcoin and Ethereum.
- Future offerings may include staking, borrowing against crypto, and providing blockchain infrastructure through SoFi's Galileo platform.
- These developments follow a suspension of digital asset services in 2023 due to regulatory changes, with a recent shift in guidance from the Office of the Comptroller of the Currency facilitating the return to crypto services.
CEO Anthony Noto emphasized the company's commitment to innovation in financial services through crypto and blockchain technologies.