US fintech SoFi is taking advantage of the changing regulatory landscape under the Trump administration to reintroduce crypto services.
From later this year, SoFi customers will be able to buy, sell, and hold a selection of crypto currencies like Bitcoin and Ethereum. Later, the firm is planning to go further, offering stablecoins, the ability to borrow against crypto assets and staking features.
In addition, SoFi will look to offer blockchain and digital asset infrastructure capabilities from its technology platform, Galileo, to other companies.
Having once pulled back from digital assets over regulatory concerns, SoFi is entering the arena again after the Office of the Comptroller of the Currency changed rules over what banks can do with regards to crypto. The fintech owns a nationally chartered bank, meaning it can now provide crypto custody and execution services on behalf of customers and engage in certain stablecoin activities.
SoFi is also taking advantage of blockchain technology to roll out remittance services. Members will be able to initiate a transfer in the SoFi app by entering the recipient’s contact details and amount to send in US dollars. Funds will be automatically transmitted on blockchain networks, converted into local currency at the destination, and deposited into the recipient’s account.
Anthony Noto, CEO, SoFi, says: “We’re accelerating our efforts to give members more choice and more control, whether they’re investing, sending money across borders, or planning for their future. Crypto and blockchain innovations can and will be threaded through each of our businesses and capabilities, including buying, paying, saving, investing, borrowing, and protecting."