SoFi to Re-Enter Crypto Services by Year-End 2023
SoFi plans to resume crypto services after suspending them in 2023 to focus on obtaining a U.S. bank charter. CEO Anthony Noto stated that the company aims to provide clients with cryptocurrency investment options and integrate blockchain technology across all product areas.
- SoFi previously offered access to over 20 tokens but halted operations amid regulatory scrutiny.
- New guidance from the Comptroller of the Currency allows banks to engage more easily in crypto.
- SoFi expects to introduce crypto investing by the end of 2023.
- The company will explore using blockchain in lending, savings, spending, and investing over the next 24 months.
- Potential offerings may include crypto payments and lending against crypto assets.