U.S. fintech company SoFi Technologies is reintroducing its cryptocurrency services after exiting the market in 2023. This week, the company announced its return to the crypto industry and unveiled plans to launch international transfers using blockchain technology.
Crypto Trading, Transfers, and Collateralized Operations
SoFi is once again offering users the ability to buy, sell, and store digital assets. A waitlist form has appeared on the company’s website for new crypto-related products, including the option to take out loans using cryptocurrency as collateral and the planned launch of stablecoins. In addition, SoFi aims to roll out staking functionality and expand available payment options.
According to company CEO Anthony Noto, this is just the beginning of integrating blockchain, cryptocurrencies, and AI to make financial services faster and more affordable. The new international transfer product will operate on a “fiat–crypto–fiat” model, where the sender converts their currency into a digital asset, the transaction is processed via blockchain, and the recipient receives funds in their local currency.
Galileo Financial Platform as Part of the Strategy
As part of its crypto expansion, SoFi will leverage its Galileo platform. Galileo will support third-party crypto services, including custodial solutions and wallets, strengthening SoFi’s position in the digital finance sector.
Regulatory Conditions and Market Reentry
In 2023, SoFi exited the crypto market after obtaining a banking license and agreeing to restrictions imposed by regulators. These conditions have since eased: the Trump administration is now promoting stablecoin legislation via the GENIUS Act, and the Federal Reserve has removed “reputational risk” as a factor in bank assessments, making it easier for banks to work with crypto firms.
Market Reaction
Following the news, SoFi (SOFI) shares rose 11,43% over the past week, according to Yahoo Finance. Insider forecasts suggest that the blockchain-based fintech market could grow from $3.4 billion in 2024 to $49 billion by 2030.
