SoFi to Reintroduce Crypto Trading and Blockchain Remittances
SoFi Technologies, a leading online lender in the U.S., will soon reintroduce crypto trading and unveil a blockchain-powered remittance service. This initiative allows SoFi members to trade cryptocurrencies, including Bitcoin and ETH. The company also plans to introduce stablecoins and various services like borrowing against crypto assets and new payment and staking features. SoFi paused crypto trading in 2023 but plans to resume following favorable regulatory updates that allow banks to manage crypto assets. The upcoming remittance service will enable SoFi Money users to send money globally using blockchain for fast transfers and transparent fees, operational around the clock via the SoFi app. SoFi emphasizes innovation in crypto and digital finance, aiming to transform financial services. CEO Anthony Noto stresses providing members more choice and control, establishing SoFi as a comprehensive financial platform.
FAQ
❓ What cryptocurrencies will SoFi members be able to trade?
SoFi members can trade cryptocurrencies like Bitcoin and ETH, with plans to introduce more options like stablecoins.
❓ How will SoFi’s new remittance service work?
The service will allow members to send money globally through blockchain networks, ensuring fast, transparent, and_secure transactions.
❓ Why did SoFi stop crypto trading in 2023?
SoFi halted crypto trading to comply with regulations upon becoming a regulated bank but plans to resume following new regulatory provisions.