SoFi Earnings News: Major Push Into Crypto

SoFi has plans to bring back crypto services for its clients after suspending those operations in 2023 so as not to impede its effort to become a regulated bank.

“We’re going to re-enter the crypto business, which we had to exit,” SoFi CEO Anthony Noto said in an interview with CNBC. “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, to include really providing crypto or blockchain capabilities in each product area that we have.”

The tech company had offered clients access to more than 20 tokens back in 2023 but decided to halt its services as it was in the process of receiving a bank charter in the U.S. during a time when scrutiny over the digital asset industry was decidedly unfriendly under the Biden administration.

Noto said that thanks to new guidance from the Comptroller of the Currency, which was published in March and promised a reduced burden on banks engaged in the sector, the tech company could start offering crypto investing by the end of this year.

SoFi will also look to use blockchain technology in all of its major products over the next 24 months, he said, and the company could also offer crypto payments as well as lending against crypto assets.

“Our aspirations are as broad as they are for any other product that we have, and we believe we can leverage the technology across lending and savings and spending and investing and protecting,” Noto said.