TL;DR
- SoFi Technologies is set to re-enter crypto investing and launch blockchain-based international remittances later this year.
- Backed by updated regulatory guidance, the company will offer spot trading for cryptocurrencies like Bitcoin and Ethereum.
- SoFi will also enable users to send money globally using blockchain rails, aiming to simplify cross-border transfers with faster settlement while expanding access to digital finance for underserved populations.
After a year-long pause, SoFi Technologies Inc. is returning to the crypto space with renewed momentum. The fintech firm announced plans to offer cryptocurrency spot trading and blockchain-enabled remittances, capitalizing on new regulatory guidance that provides a clearer framework for banks operating in digital asset markets. These updates position SoFi to once again offer crypto services under its national bank charter, previously constrained by regulatory conditions in 2023.
Crypto Investing Returns With Expanded Capabilities
SoFi members will soon be able to trade and hold leading cryptocurrencies directly through the app, starting with Bitcoin and Ethereum. The offering will later include staking options, stablecoin integration, and crypto-backed borrowing. The service aims to provide not just access to digital assets, but also deeper financial utility, blending elements of DeFi within a regulated environment. This approach signals SoFi’s intent to be more than a passive exchange, it wants to integrate digital assets across its core financial products for enhanced user engagement.
In tandem, Galileo, SoFi’s embedded finance platform, will broaden support for crypto infrastructure. This includes enabling third-party platforms to integrate blockchain-based features such as wallet custody and transaction processing. The expansion strengthens SoFi’s backend ecosystem and aligns with the broader institutional interest in scalable crypto infrastructure for banks, neobanks, and fintech developers.
Blockchain Remittances Target Global Payment Friction
On the remittance front, SoFi plans to introduce self-service international transfers through blockchain settlement, targeting the more than $800 billion global remittance market. In 2023 alone, U.S.-originating remittances surpassed $93 billion. SoFi’s solution promises near-instant transfers and transparent fee structures, areas where traditional services fall short. Members will gain access to low-latency, cost-efficient transfers embedded within their existing SoFi accounts, streamlining the user experience.
Regulatory momentum is playing a crucial role in these developments. New guidance from the “Office of the Comptroller of the Currency”—specifically interpretive letters 1183 and 1184—permits national banks to engage in crypto-related activities, including custody and execution services. With its first-quarter net income of $71 million and revenue growth beating analyst expectations, SoFi is leveraging its financial strength and legal clarity to lead a new phase of crypto-integrated financial services innovation.
