SoFi plans to relaunch crypto investing with new features

SoFi Technologies Inc. announced plans to bring back cryptocurrency investing by the end of 2025 following regulatory changes.  

The fintech firm had to suspend its crypto services in late 2023 as part of conditions for obtaining a bank charter amid increased federal scrutiny.  

At that time, SoFi customers holding over 20 cryptocurrencies were redirected to Blockchain.com or asked to liquidate their assets.  

SoFi CEO Anthony Noto told CNBC that the company intends to re-enter the crypto market with a broader strategy.  

“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,” he said.

The decision follows new guidance from the Office of the Comptroller of the Currency (OCC), which now allows OCC-regulated banks to engage in crypto activities without prior approval.  

Noto described this as a "fundamental shift" in the regulatory environment.  

SoFi plans to integrate crypto and blockchain technology across all major product lines within the next six to 24 months.  

Future offerings may include crypto-backed loans and payment options enabling customers to use digital assets directly.  

Noto also mentioned the potential to accelerate these plans through acquisitions.  

This move reflects broader changes in the regulatory landscape that are enabling traditional financial institutions to expand their involvement in cryptocurrency services.  

SoFi’s approach aims to embed crypto capabilities not only in investing but also in lending, savings, spending, and protection products.  

The company’s return to crypto marks a significant development following its earlier exit due to regulatory pressures.  

The relaunch is expected to unfold over the next two years as SoFi adapts to evolving policies and market conditions[1].