SoFi Returns to Crypto with Global Money Transfer Service
SoFi Leverages National Bank Charter to Offer Blockchain-Based Money Transfer and Cryptocurrency Investment Services
SoFi Technologies, a giant in the financial technology industry, is making a significant return to the cryptocurrency space by announcing plans to launch global money transfer services and digital asset trading by the end of this year. The company, serving 10.9 million members, is leveraging the growing adoption of blockchain technology to strengthen its position in the digital finance market.
The San Francisco-based company revealed on Wednesday that it would offer a self-service international money transfer service powered by blockchain networks, along with the return of cryptocurrency investments with trading in Bitcoin and Ethereum.
CEO Anthony Noto emphasized, "The future of financial services is being completely redefined through innovations in cryptocurrency, digital assets, and blockchain in general. We are accelerating our efforts to provide members with more choices and more control, whether they are investing, sending money across borders, or planning for their futures."
1. SoFi Returns to Cryptocurrency Services
SoFi, a San Francisco-based company, announced it will launch a blockchain-based international money transfer service along with the return of trading services for major cryptocurrencies like Bitcoin and Ethereum. This service will allow SoFi members to invest in digital currencies and send money across borders quickly and at lower costs compared to traditional services.
2. Leveraging National Bank Regulations
SoFi owns SoFi Bank, a nationally chartered bank, which gives the company a unique advantage in offering cryptocurrency and stablecoin services under national bank regulations. This enables SoFi to operate in a clear legal framework, combining traditional financial infrastructure with cutting-edge blockchain technology.
3. New Global Money Transfer Service
SoFi’s global money transfer service will address a significant market opportunity, with over $93 billion in remittances sent from the U.S. in 2023, according to World Bank data. SoFi members will be able to send money to recipients in dozens of countries via the company’s mobile app, with transactions processed on blockchain networks and converted into local currencies upon arrival.
This service promises faster processing times and lower costs compared to traditional money transfer providers, which often require several days to complete. Recipients will receive funds directly into their accounts, with complete transparency on exchange rates and fees, available 24/7 through SoFi’s platform.
4. The Return of Cryptocurrency Investment
SoFi had previously offered cryptocurrency trading services, and now they are reintroducing these offerings. Members will be able to buy, sell, and hold major cryptocurrencies like Bitcoin and Ethereum. SoFi also plans to expand its services to include cryptocurrency-backed mortgages, enhanced payment options, and staking features.
5. Expanding Blockchain and Digital Asset Infrastructure for Other Organizations
SoFi will also expand its Galileo technology platform, serving 158 million accounts globally, to provide blockchain and digital asset infrastructure for other companies and financial institutions. This will create new revenue streams from expanding cryptocurrency services for partners.
6. Innovation and Opportunities Ahead
With the increasing adoption of cryptocurrency, SoFi sees significant opportunities to expand and offer innovative financial services. Nearly three in ten adults in the U.S. currently own digital assets, and emerging regulatory clarity is expected to accelerate broader adoption. SoFi has opened a waitlist for both services, allowing current members to sign up for early access when the features launch later this year.