San Francisco-based financial services company SoFi will reintroduce cryptocurrency trading later this year, allowing users to buy and hold Bitcoin and Ethereum, the firm announced on Wednesday.
SoFi previously offered crypto trading and obtained the New York BitLicense in 2019, but paused these services in 2023 after “careful consideration.” The company plans to expand its crypto offerings to include stablecoins, crypto staking, and crypto-backed loans.
“The future of financial services is being completely reinvented through innovations in crypto, digital assets, and blockchain more broadly,” said SoFi CEO Anthony Noto. He added that crypto and blockchain will be integrated across SoFi’s services, including buying, saving, investing, borrowing, and protecting assets, aiming to offer a comprehensive digital financial platform.
Noto had indicated SoFi’s intention to re-enter the crypto market during a January earnings call, emphasizing the need for clearer regulations. The recent interpretive letter from the Office of the Comptroller of the Currency permits nationally chartered banks like SoFi Bank, N.A., to custody crypto and provide related services, marking regulatory progress that supports SoFi’s plans.
In addition to restoring crypto trading and custody, SoFi intends to introduce various crypto and blockchain innovations within its financial services suite.
SoFi Technologies shares rose about 0.7% to $15.96, with a 13% gain so far this year. A SoFi spokesperson declined to comment beyond the public announcement.